PRINTER'S NO. 730
No. 651 Session of 1975
INTRODUCED BY A. K. HUTCHINSON, TOLL, COHEN, ROMANELLI, SCHMITT,
GILLETTE, BARBER AND TRELLO, MARCH 4, 1975
REFERRED TO COMMITTEE ON CONSUMER PROTECTION, MARCH 5, 1975
AN ACT
1 Amending the act of November 25, 1970 (P.L.716, No.232),
2 entitled "An act relating to establishment of The
3 Pennsylvania Insurance Guaranty Association to provide a
4 means by the assessment of certain insurers subsequent to the
5 insolvency of certain insurers for the payment of covered
6 claims under certain property and casualty insurance
7 policies; providing for the avoidance of excessive delay in
8 the payment of such claims, and the avoidance of financial
9 loss to claimants or policyholders as a result of the
10 insolvency of an insurer; assisting in the detection and
11 prevention of insurer insolvencies; providing for the
12 formulation and administration by The Pennsylvania Insurance
13 Guaranty Association of a plan of operation; and conferring
14 powers and imposing duties upon the Insurance Commissioner,
15 The Pennsylvania Insurance Guaranty Association and upon
16 certain insurers," further defining the word "insurer."
17 The General Assembly of the Commonwealth of Pennsylvania
18 hereby enacts as follows:
19 Section 1. Clause (2) of section 103, act of November 25,
20 1970 (P.L.716, No.232), known as "The Pennsylvania Insurance
21 Guaranty Association Act," is amended to read:
22 Section 103. Definitions.--As used in this act, unless the
23 context otherwise requires:
24 * * *
25 (2) "Insurer" or "member insurer" means any insurance
1 company, association or exchange which is authorized to write
2 and is engaged in writing within this Commonwealth, on a direct
3 basis, property and casualty insurance policies and shall
4 include eligible surplus lines insurers declared and designated
5 as such by the Insurance Commissioner pursuant to the terms,
6 provisions, and conditions of the act of January 24, 1966 (1965
7 P.L.1509, No.531), entitled "An act relating to, regulating,
8 taxing, supervising and controlling the placing of insurance on
9 risks located in the Commonwealth of Pennsylvania with insurers
10 not licensed to transact insurance business in Pennsylvania,
11 permitting licensed insurers to afford coverage which may be
12 placed with unlicensed insurers, providing fees and penalties,
13 and repealing certain existing laws."
14 * * *
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