Bill Information

An Act amending Title 40 (Insurance) of the Pennsylvania Consolidated Statutes, providing for medical professional liability reciprocal exchange-to-stock conversion and for adoption of plan of conversion; imposing duties on Insurance Commissioner; providing for contents of plan of conversion, for optional provisions of plan of conversion, for alternative plan of conversion, for effective date of plan, for rights of subscribers whose policies are issued after adoption of plan and before effective date, for corporate existence, for conflict of interest, for failure to give notice, for limitation on actions, for reciprocal insurer insolvent or in hazardous financial condition, for rules and regulations, for laws applicable to stock company, for licensing of stock company and commencement of business as an insurance company, for amendment of policies and for prohibition on acquisitions of control.