By endorsement or rider approved by the commissioner and sent to the policyholder, a reciprocal insurer may simultaneously with or after the adoption of a plan of conversion amend an outstanding insurance policy for the purpose of extinguishing a right of the holder of the policy to share in the surplus of the reciprocal insurer. This amendment shall be void if the plan of conversion is not submitted to the commissioner or, if submitted, is disapproved by the commissioner or, if approved by the commissioner, is not approved by the eligible subscribers on or before the first anniversary of its approval by the commissioner.
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