The commissioner may waive the minimum surplus requirement of a stock company in connection with the initial licensing of a stock company that will be the successor to a reciprocal insurer. The stock company may not engage in the business of insurance as a stock company until the completion of the merger with the reciprocal insurer and compliance with the provisions of this chapter.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 35 - Medical Professional Liability Reciprocal Exchange-to-Stock Conversion
Section 3502 - Adoption of plan of conversion
Section 3503 - Contents of plan of conversion
Section 3504 - Optional provisions of plan of conversion
Section 3505 - Alternative plan of conversion
Section 3506 - Effective date of plan
Section 3508 - Corporate existence
Section 3509 - Conflict of interest
Section 3510 - Failure to give notice
Section 3511 - Limitation on actions
Section 3512 - Reciprocal insurer insolvent or in hazardous financial condition
Section 3513 - Rules and regulations
Section 3514 - Laws applicable to stock company
Section 3515 - Licensing of stock company and commencement of business as an insurance company