PRINTER'S NO. 724
No. 659 Session of 1995
INTRODUCED BY REINARD, MICOZZIE, COLAFELLA, LAWLESS, ADOLPH,
DURHAM, NICKOL, DEMPSEY, SATHER, SCHRODER, HERMAN, GANNON,
GLADECK, CIVERA, MELIO, ROONEY, TANGRETTI, BUXTON AND PESCI,
FEBRUARY 8, 1995
REFERRED TO COMMITTEE ON INSURANCE, FEBRUARY 8, 1995
AN ACT
1 Amending the act of July 3, 1986 (P.L.396, No.86), entitled "An
2 act requiring notice of rate increases, policy cancellations
3 and nonrenewals by property and casualty insurers," further
4 providing for increases in premium rates.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Section 1 of the act of July 3, 1986 (P.L.396,
8 No.86), entitled "An act requiring notice of rate increases,
9 policy cancellations and nonrenewals by property and casualty
10 insurers," is amended to read:
11 Section 1. Notice of increase in premium.
12 Notwithstanding any other provision of law, a policy of
13 insurance covering commercial property or casualty risks in this
14 Commonwealth shall provide [for not less than 60 days' notice of
15 intent to increase the insured's renewal premium] the named
16 insured with 30 days' advance notice of an [estimate of the]
17 increase in renewal premium[.], if the increase equals or
18 exceeds 10% of the prior year's premium. This section shall not
1 apply to policies written on a retrospective rating plan.
2 Section 2. This act shall take effect in 60 days.
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