PRINTER'S NO. 1281
No. 1101 Session of 1971
INTRODUCED BY HILL, OESTERLING, MESSINGER, COPPERSMITH,
REIBMAN, STAPLETON AND DONOLOW, OCTOBER 12, 1971
REFERRED TO INSURANCE, OCTOBER 12, 1971
AN ACT
1 Amending the act of June 11, 1947 (P.L.538), entitled "An act
2 relating to the regulation of rates for insurance which may
3 be written by stock or mutual casualty insurance companies,
4 associations or exchanges, including fidelity, surety and
5 guaranty bonds and all other forms of motor vehicle
6 insurance, and title insurance; to rating and advisory
7 organizations; conferring on the Insurance Commissioner the
8 power and duty of supervising and regulating persons,
9 associations, companies and corporations, and of enforcing
10 the provisions of this act; prescribing and regulating the
11 practice and procedure before the commissioner, and procedure
12 for review by the courts; giving the Court of Common Pleas of
13 Dauphin County exclusive jurisdiction over certain
14 proceedings; prescribing penalties and providing for
15 enforcement thereof, and repealing inconsistent acts,"
16 further regulating the making of rates.
17 The General Assembly of the Commonwealth of Pennsylvania
18 hereby enacts as follows:
19 Section 1. Subsection (a) of section 3, act of June 11, 1947
20 (P.L.538), known as "The Casualty and Surety Rate Regulatory
21 Act," is amended to read:
22 Section 3. Making of Rates.--All rates shall be made in
23 accordance with the following provisions:
24 (a) Due consideration shall be given to past and prospective
25 loss experience within and outside this Commonwealth, to
1 physical hazards, to safety and loss prevention factors, to
2 underwriting practice and judgment to the extent appropriate, to
3 catastrophe hazards, if any, to a reasonable margin for
4 underwriting profit and contingencies, to dividends, savings or
5 unabsorbed premium deposits allowed or returned by insurers to
6 their policyholders, members or subscribers, to past and
7 prospective expenses both country wide and those specially
8 applicable to this Commonwealth, to the profits resulting from
9 temporary or permanent investment of capital, and to all other
10 relevant factors within and outside this Commonwealth;
11 * * *
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