A06432
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1195
Session of
2020
INTRODUCED BY SCAVELLO AND STREET, JUNE 9, 2020
REFERRED TO BANKING AND INSURANCE, JUNE 9, 2020
AN ACT
Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An
act relating to insurance; amending, revising, and
consolidating the law providing for the incorporation of
insurance companies, and the regulation, supervision, and
protection of home and foreign insurance companies, Lloyds
associations, reciprocal and inter-insurance exchanges, and
fire insurance rating bureaus, and the regulation and
supervision of insurance carried by such companies,
associations, and exchanges, including insurance carried by
the State Workmen's Insurance Fund; providing penalties; and
repealing existing laws," in general provisions relating to
insurance companies, associations and exchanges, further
providing for Reinsurance Credits and providing for credit
for reinsurance and reciprocal jurisdictions; in Life and
Health Insurance Guaranty Association, further providing for
purpose, for definitions, for coverage and limitations, for
creation of association, for board of directors, for powers
and duties of association, for assessments, for plan of
operation, for powers and duties of the commissioner, for
prevention of insolvencies, for credits for assessments paid,
for miscellaneous provisions, for examination of the
association and annual report, for immunity, for stay of
proceedings and reopening default judgments, for prohibited
advertisement or Insurance Guaranty Association Act in
insurance sales and for prospective application.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Sections 1701, 1702, 1703, 1704(a), 1705(a), 1706
and 1707 of the act of May 17, 1921 (P.L.682, No.284), known as
The Insurance Company Law of 1921, are amended to read:
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