PRINTER'S NO. 131
No. 134 Session of 1997
INTRODUCED BY ULIANA, PUNT, O'PAKE, KITCHEN AND COSTA,
JANUARY 21, 1997
REFERRED TO BANKING AND INSURANCE, JANUARY 21, 1997
AN ACT
1 Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An
2 act relating to insurance; amending, revising, and
3 consolidating the law providing for the incorporation of
4 insurance companies, and the regulation, supervision, and
5 protection of home and foreign insurance companies, Lloyds
6 associations, reciprocal and inter-insurance exchanges, and
7 fire insurance rating bureaus, and the regulation and
8 supervision of insurance carried by such companies,
9 associations, and exchanges, including insurance carried by
10 the State Workmen's Insurance Fund; providing penalties; and
11 repealing existing laws," further providing for bonding
12 requirements.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. Section 726.1 of the act of May 17, 1921
16 (P.L.682, No.284), known as The Insurance Company Law of 1921,
17 is amended by adding a paragraph to read:
18 Section 726.1. Other Requirements.--Agents for a title
19 insurance company shall be required to:
20 * * *
21 (7) An attorney licensed in this Commonwealth may apply to
22 the Insurance Department for a waiver from the requirements of
1 paragraphs (1) through (3) and may be entitled to such waiver by
2 providing documentation to the Insurance Department which
3 indicates a current attorney's license issued by the Supreme
4 Court of Pennsylvania to practice law and the possession of
5 malpractice insurance with an insurance company authorized to do
6 business in this Commonwealth in an amount not less than two
7 hundred fifty thousand dollars ($250,000) per claim and an
8 aggregate limit of not less than five hundred thousand dollars
9 ($500,000) with an endorsement indicating coverage as a title
10 insurance agent.
11 Section 2. This act shall be retroactive to February 19,
12 1996.
13 Section 3. This act shall take effect immediately.
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