reglab/statecodes huggingface dataset:
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 61 - Hospital Plan Corporations › Section 6125 - Reports and examinations

§ 6125. Reports and examinations.
(a) Annual report.
--Every hospital plan corporation shall on or before March 1 of each year, file with the department a statement, verified by at least two of the principal officers of the corporation showing its condition at the end of the preceding calendar year. Such statement shall be in such form, and shall contain such matters, as the department shall prescribe.
(b) Examination.
--Every hospital plan corporation shall be subject to examination not less frequently than every three years by the department and its agents, who shall have free access to all the books, records, papers and documents that relate to the business of the corporation, and the power to examine the officers, agents, employees and subscribers to the nonprofit hospital plan of the corporation, under oath, in relation to the affairs, transactions and financial condition of the corporation. Such examinations shall be made at such times as the department shall deem necessary.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 61 - Hospital Plan Corporations › Section 6127 - Dissolution or liquidation

§ 6127. Dissolution or liquidation.
No hospital plan corporation shall be dissolved under the provisions of Title 15 (relating to corporations and unincorporated associations) or under any other provision of law except with the prior approval of the department. Articles of dissolution for a hospital plan corporation filed in the Department of State, whether pursuant to a decree of court liquidating the corporation or otherwise, shall not be effective unless and until approved by the Insurance Department. Any dissolution or liquidation of a hospital plan corporation shall be under the supervision of the department, which shall have all powers with respect thereto granted to it under laws of this Commonwealth governing the dissolution or liquidation of insurance companies.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Extra - Chapter Notes

Enactment.
Chapter 63 was added November 15, 1972, P.L.1063, No.271, effective in 90 days.
Cross References.
Chapter 63 is referred to in sections 3802, 3902, 4001, 4302, 4502, 9103 of this title;
            section 4117 of Title 18 (Crimes and Offenses); sections 4304.1, 4326 of Title 23
            (Domestic Relations); sections 3302, 3303 of Title 35 (Health and Safety); section
            6160 of Title 42 (Judiciary and Judicial Procedure); section 7309 of Title 51 (Military
            Affairs); section 1719 of Title 75 (Vehicles).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6301 - Application of chapter

§ 6301. Application of chapter.
(a) General rule.--
This chapter shall apply to every person engaged in the business of maintaining and operating a nonprofit health service plan and to every person who shall violate any provision of this chapter.
(b) Exceptions.--
Notwithstanding subsection (a) of this section, this chapter shall not apply to:
(1) Any hospital plan corporations as defined in section 6101 of this title (relating to hospital plan corporation definitions).
(2) Any fraternal benefit society subject to regulation under Chapter 65 of this title (relating to fraternal benefit societies).
References in Text.
Chapter 65, referred to in this section, is repealed. The subject matter is now contained in Article XXIV of the act of May 17, 1921, P.L.682, No.284, known as The Insurance Company Law of 1921.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6303 - Statement of legislative findings and policy

§ 6303. Statement of legislative findings and policy.
(a) Declaration of necessity.
--It is hereby declared that adequate professional health services are essential for the maintenance of the physical and mental health of the residents of this Commonwealth, and that it is necessary that provision be made for adequate professional health services to persons of low income who are unable to provide such services for themselves or their dependents without depriving themselves or their dependents of such necessaries of life as food, clothing and shelter.
(b) Construction of chapter.
--It is hereby declared to be the purpose and intent of this chapter and the policy of the General Assembly to authorize qualified persons to provide adequate professional health services for residents of this Commonwealth who are unable to provide such services for themselves or their dependents at their own cost without depriving themselves or their dependents of such necessaries of life as food, clothing and shelter, and provide persons of over- income with the limited professional health services benefits set forth in this chapter.
Cross References.
Section 6303 is referred to in section 6325 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6305 - Initial reserves

§ 6305. Initial reserves.
No professional health service corporation shall receive a certificate of authority under this chapter unless it has set up a minimum reserve of $25,000 for the exclusive purpose of meeting the contractual obligations of its subscribers. All or any part of such $25,000 may be in the form of borrowed money to be repaid in whole or in part from surplus. Money borrowed to satisfy the requirements of this section may be repaid only when authorized by two-thirds of the board of directors of such corporation in office and the Insurance Department.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6306 - Standards concerning incorporators

§ 6306. Standards concerning incorporators.
No certificate of authority shall be issued to a professional health service corporation unless all of its incorporators were residents of this Commonwealth and citizens of the United States.
(Apr. 28, 1978, P.L.202, No.53)
1978 Repeal.
Act 53 repealed section 6306 in part, effective February 13, 1973. The repealed provisions have been deleted from the text.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6307 - Exemptions applicable to certificated professional health service corporations

§ 6307. Exemptions applicable to certificated professional
health service corporations.
(a) General insurance laws.
--A professional health service corporation shall be subject to regulation and supervision by the Department of Health and the Insurance Department under this chapter. A professional health service corporation holding a certificate of authority under this chapter shall not be subject to the laws of this Commonwealth now in force relating to the business of insurance, and no statute hereafter enacted relating to the business of insurance shall apply to such a corporation unless such statute shall specifically refer and apply to a corporation subject to this chapter.
(b) Tax laws.
--Every professional health service corporation holding a certificate of authority under this chapter is hereby declared to be a charitable and benevolent institution, and all its income, funds, investments and property shall be exempt from all taxation by the Commonwealth or its political subdivisions.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6308 - Uncertificated plans prohibited

§ 6308. Uncertificated plans prohibited.
(a) General rule.--
It shall be unlawful for any person, other than a professional health service corporation holding a certificate of authority under this chapter relating to the plan being maintained or operated by such corporation, to establish, maintain or operate in this Commonwealth a nonprofit dental service plan, a nonprofit optometric service plan, or a nonprofit professional health service plan.
(b) Exemptions.--
Nothing in subsection (a) of this section shall be construed as preventing any person from furnishing professional health services for the prevention of disease among his employees or from furnishing any of such services as required under The Pennsylvania Workmen's Compensation Act and related statutes, when the employee is not charged for such service.
References in Text.
The short title of the act of June 2, 1915, P.L.736, No.338, known as The Pennsylvania Workmen's Compensation Act, referred to in subsec. (b), was amended by the act of July 2, 1993, P.L.190, No.44. The amended short title is now the Workers' Compensation Act.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6309 - Penalties

§ 6309. Penalties.
Any person who violates any provision of this chapter or of any regulation or order of the Department of Health or of the Insurance Department made pursuant thereto, any person who hinders or prevents the Department of Health or the Insurance Department in the discharge of any duty imposed on it by this chapter, any person who fraudulently procures or attempts to procure any benefit from any professional health service corporation holding a certificate of authority under this chapter, and any person who willfully makes any false statement in any proceeding or report under this chapter, shall be guilty of a misdemeanor, and, upon conviction thereof, shall be sentenced to pay a fine of not more than $3,000 or to be imprisoned for not more than six months, or both, in the discretion of the court. Any act or default by any corporation, association, or common law trust, in violation of any provision of this chapter or of any regulation or order of either department made pursuant thereto, shall be deemed to be the act or default of the officers or directors who participated in authorizing or effecting such act or default or who knowingly permitted it.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6310 - Enforcement

§ 6310. Enforcement.
When necessary to effect the purposes of this chapter, in addition to all other remedies in law or equity, the Insurance Department or the Department of Health, or both, may commence an action in mandamus or for an injunction to prevent any violation of the provisions of this chapter or the continuance of any such violation, or to enforce compliance herewith. Any court having jurisdiction is hereby vested with authority to determine the cause and to issue such process as may be necessary to accomplish the purposes of this chapter.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6321 - Required reserves

§ 6321. Required reserves.
A professional health service corporation shall at all times while engaged in business maintain reserves, in such form and amount as the department may determine, to insure its subscribers against loss through the failure of the corporation to provide the services agreed to in its contracts.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6323 - Action as agent under Federal and other programs

§ 6323. Action as agent under Federal and other programs.
(a) General rule.
--Any professional health service corporation may, with the approval of the department, act as a contracting agency or organization under section 1842 of Title XVIII of the Federal Social Security Act, as amended or supplemented, with power to perform all the services which may be required of a contracting agency or organization thereunder and may perform administrative services similar or related to those which may be required of an agency or organization thereunder in connection with a Federal, State or local governmental health care program and may perform administrative services similar or related to those which may be required of such an agency or organization in connection with or associated with nongovernmental organizations, individuals, groups and agencies in the health care field.
(b) Legislative amendment of stated purposes of existing corporations.
--The stated purposes of all existing professional health service corporations are hereby amended so as to include the performance of the activities authorized by subsection (a) of this section.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6324 - Rights of health service doctors

§ 6324. Rights of health service doctors.
(a) Admission to plan.
--Every health service doctor practicing within the area covered by any professional health service corporation shall have the right, on complying with such regulations as the corporation may make with the approval of the Department of Health, to register with such corporation for such general or special professional health services as he may be licensed to practice, within that area, but the corporation may, with the approval of the Department of Health, refuse to place the name of any health service doctor on its register. Any professional health service corporation may, with the approval of the Department of Health, remove from its register the name of any health service doctor after due notice and opportunity for hearing for cause satisfactory to the corporation. Nothing in this section shall be construed to limit the discretion of a professional health service corporation to determine the classes or kinds of services that will be covered under its contracts.
(b) Freedom from control.
--Subject to the provisions of section 6322(e) of this title (relating to liability of corporation limited), a professional health service corporation shall impose no restrictions on the health service doctors who administer to its subscribers, as to methods of diagnosis or treatment. The relation between a subscriber, or any of his dependents, and the health service doctor shall be identical with the relation that ordinarily exists in the community between a health service doctor and his patient. Subject to the provisions of subsection (a) of this section, no person shall be permitted to interfere with the choice or selection by a patient of his health service doctor after that choice or selection has been made by an adult of sound mind.
(c) Disputes.
--All matters, disputes, or controversies relating to the professional health services rendered by the health service doctors, or any questions involving professional ethics, shall be considered and determined only by health service doctors as selected in a manner prescribed in the bylaws of the professional health service corporation. (Oct. 9, 2008, P.L.1393, No.108, eff. 120 days)
2008 Amendment.
Act 108 amended subsec. (a).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6326 - Specifically authorized contract provisions

§ 6326. Specifically authorized contract provisions.
A professional health service corporation may, as a condition precedent to entering into a contract with an applicant or group of applicants for professional health service, require any of the following:
(1) A physical examination of the applicant and of each of his dependents, if any, and proof of his or their substantial freedom from any disease or condition requiring immediate professional health service or likely to require it within the next 12 months, before a contract becomes effective.
(2) A waiting period after a contract is entered into and before the subscriber is entitled to professional health service.
(3) An agreement that the subscriber or someone on his behalf shall pay the stated fee or fees for professional health services in the case of any given illness or injury or other condition requiring professional health service, before becoming entitled to treatment under the terms of the contract.
(4) An agreement that, as a condition precedent to payment by the corporation for professional health services performed for the subscriber, the subscriber or someone on his behalf will submit to the corporation such information as is reasonably necessary to enable it to determine the amount of such payment, which information shall be submitted in the form and verified in the manner prescribed by the corporation.
(5) An agreement that any rights of the subscriber to receive services or payments under his contract with the corporation are personal to the subscriber and may not be assigned.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6327 - Subscriptions provided for persons on relief

§ 6327. Subscriptions provided for persons on relief.
Every government agency which is charged by law with the duty of providing professional health services for persons unable to provide it at their own expense or to procure it through persons to whose support and assistance they are by law entitled, is hereby empowered, in the exercise of its authority, to provide any such service if, in the judgment of the agency, it is in the public interest so to do, through a subscription or subscriptions, paid for from any lawfully available public funds, with any professional health service corporation on behalf of any person or persons entitled to such relief.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6328 - Board of directors

§ 6328. Board of directors.
(a) Professional health service corporations generally.--
The business of every professional health service corporation, except a general medical service corporation, shall be managed by a board of directors of at least nine persons, all of whom shall be residents of this Commonwealth.
(b) General medical service corporation.--
(1) A general medical service corporation shall be managed by a board of not less than 21, nor more than 36 members, all of whom shall be residents of this Commonwealth, and at no time shall the board be less than 50% subscribers who have coverage under a contract issued by the corporation, and who are generally representative of broad segments of subscribers covered under contracts issued by such corporation, whose background and experience indicate that they are qualified to act in the interests of such subscribers and who or whose spouse does not derive substantial income from the delivery or administration of health care.
(2) The bylaws of every general medical service corporation shall provide appropriate procedures for the nomination and election or appointment of the directors of the corporation and the nomination and election or appointment of committees of the board in such a manner that the interests of the subscribers of the corporation will be justly and reasonably represented.
(3) All directors of the corporation shall be members of the corporation.
(4) A health service doctor, who provides professional health services for the corporation's subscribers, may be a director but in no event shall be counted among the directors who represent subscribers.
(5) Every general medical service corporation shall within six months of the effective date of this act submit for review by the Insurance Commissioner and the Secretary of Health bylaws meeting the standards of this section. Whenever a general medical service corporation changes its bylaws, said change shall be submitted within 30 days to the commissioner and secretary for their review to determine whether such changes meet statutory standards of this section.
(6) In the event that the Insurance Commissioner or the Secretary of Health find, after notice to the corporation and hearing, that a general medical service corporation has not met the requirements of this section, the commissioner or secretary shall notify the corporation of the findings and order the corporation, in specific terms, to meet the requirements of this section. Such findings and order shall be subject to judicial review in the manner and within the time provided by law.
(Apr. 28, 1978, P.L.202, No.53, eff. 60 days; Oct. 4, 1978, P.L.1001, No.211, eff. imd.)
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6329 - Rates and contracts

§ 6329. Rates and contracts.
(a) General rule.--
All rates charged subscribers or groups of subscribers by any professional health service corporation, and the form and content of all contracts between any such corporation and its subscribers or groups of subscribers, all methods and rates of payment by such corporation to health service doctors serving its subscribers, all acquisition costs in procuring subscribers, the reserves to be maintained by such corporation, and all contracts entered into by any such corporation and extending over a period of more than one year or calling for the expenditure by the corporation of any amount in excess of 20% of its reserves, shall be approved by the department before they become effective.
(b) Procedure.--
Every application for such approval shall be made to the department in writing and shall be subject to the provisions of subsections (c) through (f) of section 6102 of this title (relating to certification of hospital plan corporations), except that the department may substitute publication in the Pennsylvania Bulletin of notice of reasonable opportunity to submit written comments for publication of opportunity for hearing in any case where the right to an oral hearing is not conferred by the Constitution of the United States or the Constitution of Pennsylvania. Within 60 days after the filing of the application the department shall approve or refuse such application.
1996 Partial Repeal.
Section 14 of Act 159 of 1996, known as the Accident and Health Filing Reform Act, provided that subsec. (a) is repealed insofar as it provides for the approval of rates and contracts.
References in Text.
Section 14 of Act 159 of 1996, known as the Accident and Health Filing Reform Act, was renumbered 5101 by the act of December 22, 2011, P.L.614, No.134.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6330 - Investment of funds

§ 6330. Investment of funds.
Any statute to the contrary notwithstanding, funds of any professional health service corporation, equal to its reserves, shall be invested in compliance with the requirements of law for the investment of the capital and reserves of life insurance companies. The funds of any such corporation, equal to its surplus, shall be invested in compliance with the requirements of law for the investment of the surplus of life insurance companies.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6331 - Reports and examinations

§ 6331. Reports and examinations.
(a) Annual report.
--Every professional health service corporation shall, on or before March 1 of each year, file with the department a statement, verified by at least two of the principal officers of the corporation, summarizing its financial activities during the preceding calendar year, and showing its financial condition at the end of that year. Such statement shall be in such form, and shall contain such matters, as the department shall prescribe.
(b) Examination and special reports.
--Every professional health service corporation shall be subject to examination not less frequently than once in every three years by the department and its agents, who shall have free access to all the books, records, papers and documents that relate to the business of the corporation, and the power to examine the officers, agents, employees, and subscribers for the professional health services of the corporation, and all health service doctors registered with the corporation, and all other persons having or having had substantial part in the work of the corporation, in relation to its affairs, transactions, and financial condition. Such examination shall be made at such times as the department shall deem necessary. The department may, at any time, without making such examination, call on any such corporation for a written report, authenticated by at least two of its principal officers, concerning the financial affairs and status of the corporation.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6332 - Regulation by Department of Health

§ 6332. Regulation by Department of Health.
(a) Annual reports.
--Every professional health service corporation shall, on or before March 1 of each year, file with the Department of Health a report of its activities, other than its financial activities, during the preceding calendar year. Every such report shall be verified by at least two of the principal officers of the corporation and shall be in such form, and shall contain such matter, as the Department of Health shall prescribe. The Department of Health is hereby authorized to inquire into the activities of every professional health service corporation and to determine whether the corporation is providing adequate professional health services to its subscribers in accordance with the best professional health service practice in the community.
(b) Examination and special reports.
--The Department of Health and its agents shall have free access to all the books, records, papers and documents that relate to the business of the corporation, other than financial, and the power to examine the officers, agents, employees, and subscribers for the professional health services of the corporation, and all health service doctors registered with the corporation, and all other persons having or having had substantial part in the work of the corporation, in relation to its affairs, transactions, and condition of the corporation, other than financial. Such examinations shall be made at such times as the Department of Health shall deem necessary. The Department of Health may, at any time, without making such examination, call on any such corporation for a written report, authenticated by at least two of its principal officers, concerning the affairs of the corporation other than its financial affairs.
(c) Extension or improvement of service pursuant to order.
-- In the event the Department of Health finds that a professional health service corporation does not provide adequate professional health services to its subscribers in accordance with the best professional health service practice in the community, the Department of Health may notify the corporation of its findings and order the corporation, in specific terms, to extend or improve the professional health services furnished by the corporation. Such order shall be entered after notice and opportunity for hearing and shall be subject to judicial review in the manner and within the time provided by law.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6334 - Dissolution or liquidation

§ 6334. Dissolution or liquidation.
No professional health service corporation shall be dissolved under the provisions of Title 15 (relating to corporations and unincorporated associations) or under any other provision of law, except with the prior approval of the department. Articles of dissolution for a professional health service corporation filed in the Department of State, whether pursuant to a decree of court liquidating the corporation or otherwise, shall not be effective unless and until approved by the Insurance Department. Any dissolution or liquidation of a professional health service corporation shall be under the supervision of the Insurance Department which shall have all powers with respect thereto granted to it under the laws of this Commonwealth governing the dissolution or liquidation of insurance companies.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 63 - Professional Health Services Plan Corporations › Section 6335 - Ancillary health services

§ 6335. Ancillary health services.
Anything in this chapter to the contrary notwithstanding, a professional health service corporation may provide ancillary health services through ancillary health service providers. An ancillary health service provider may register with a professional health service corporation as a participating provider and continue as such upon complying with such regulations as the corporation may make with the approval of the Department of Health. (Nov. 17, 1982, P.L.681, No.193, eff. 60 days)
1982 Amendment.
Act 193 added section 6335.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 65 - Fraternal Benefit Societies (Repealed) › Section 6501 - § 6503 - (Repealed)

1992 Repeal.
Chapter 65 (Subchapters A - G) was added November 15, 1972, P.L.1063, No.271, and repealed December 14, 1992, P.L.835, No.134, effective in 60 days. The subject matter is now contained in Article XXIV of the act of May 17, 1921, P.L.682, No.284, known as The Insurance Company Law of 1921.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 67 - Beneficial Societies › Extra - Chapter Notes

Enactment.
Chapter 67 was added November 15, 1972, P.L.1063, No.271, effective in 90 days.
Cross References.
Chapter 67 is referred to in section 4117 of Title 18 (Crimes and Offenses).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 67 - Beneficial Societies › Section 6701 - Regulation

§ 6701. Regulation.
All beneficial societies or associations not subject to regulation under Chapter 65 of this title (relating to fraternal benefit societies), transacting any class of insurance, shall file with the department copies of their charter, constitution, and laws and annually make a report in such form as the department may require, showing their condition and standing at the end of the preceding calendar year, and of their transactions for such year, and the department may at any time make an examination of the books and accounts of any such society.
References in Text.
Chapter 65, referred to in this section, is repealed. The subject matter is now contained in Article XXIV of the act of May 17, 1921, P.L.682, No.284, known as The Insurance Company Law of 1921.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7103 - Special applicability provisions

§ 7103. Special applicability provisions.
The standards for the valuation of reserve liabilities for life insurance, accident and health insurance and deposit-type contracts shall be subject to the following applicability provisions:
(1) The following shall apply to policies or contracts subject to this chapter that were issued on or after May 17, 1921, and prior to the operative date of the valuation manual:
(i) Section 7115 (relating to computation of minimum standard).
(ii) Section 7116 (relating to computation of minimum standard for annuities).
(iii) Section 7117 (relating to computation of minimum standard by calendar year of issue).
(iv) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).
(v) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).
(vi) Section 7120 (relating to minimum reserves).
(vii) Section 7121 (relating to optional reserve calculation).
(viii) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).
(ix) Section 7123 (relating to reserve calculation for indeterminate premium plans).
(2) Except as otherwise provided in this chapter, section 7124 (relating to minimum standard for accident and health insurance contracts) shall apply to policies issued before, on or after the operative date of the valuation manual.
(3) The following shall not apply to policies or contracts subject to this chapter that were issued on or after May 17, 1921, and prior to the operative date of the valuation manual:
(i) Section 7125 (relating to valuation manual for policies issued on or after operative date of valuation manual).
(ii) Section 7126 (relating to requirements of principle-based valuation).
(4) Sections 7125 and 7126 shall apply to policies issued on or after the operative date of the valuation manual.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7104 - Notice regarding operative date of valuation manual

§ 7104. Notice regarding operative date of valuation manual.
Upon the occurrence of the last occurring event under the definition of "operative date of the valuation manual" in section 7102 (relating to definitions), the commissioner shall issue a notice regarding the operative date of the valuation manual to be published in the Pennsylvania Bulletin and on the department's publicly accessible Internet website.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7112 - Reserve valuation for policies and contracts issued on or after operative date of valuation manual

§ 7112. Reserve valuation for policies and contracts issued on or after operative date of valuation manual.
(a) Applicability.--
This section shall apply to each policy or contract issued on or after the operative date of the valuation manual.
(b) Annual valuation.--
The commissioner shall annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts and deposit-type contracts of each company doing business in this Commonwealth. The commissioner may certify the amount of reserves.
(c) Other jurisdictions.--
In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this chapter.
(d) Applicable standards.--
The following provisions shall govern a policy or contract under this section:
(1) Section 7124(a), (b), (d) and (e) (relating to minimum standard for accident and health insurance contracts).
(2) Section 7125 (relating to valuation manual for policies issued on or after operative date of valuation manual).
(3) Section 7126 (relating to requirements of principle-based valuation).
Cross References.
Section 7112 is referred to in sections 7124, 7125 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7119 - Reserve valuation method for annuity and pure endowment benefits

§ 7119. Reserve valuation method for annuity and pure endowment benefits.
(a) Applicability.--
This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 408).
(b) Calculation.--
The following shall apply:
(1) Reserves according to the commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year.
(2) The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate or rates specified in the contracts for determining guaranteed benefits.
(3) The valuation considerations shall be the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values.
Cross References.
Section 7119 is referred to in sections 7103, 7115, 7116, 7118, 7120, 7123 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7120 - Minimum reserves

§ 7120. Minimum reserves.
(a) Amount calculated.--
A company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after May 17, 1921, shall not be less than the aggregate reserves calculated by using the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies and in accordance with the methods set forth in:
(1) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).
(2) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).
(3) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).
(4) Section 7123 (relating to reserve calculation for indeterminate premium plans).
(b) Amount necessary to render actuarial opinion.--
The aggregate reserves for all policies, contracts and benefits shall not be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by section 7113 (relating to actuarial opinion of reserves prior to operative date of valuation manual) or 7114 (relating to actuarial opinion of reserves on or after operative date of valuation manual).
Cross References.
Section 7120 is referred to in section 7103 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7121 - Optional reserve calculation

§ 7121. Optional reserve calculation.
(a) Issuance prior to May 17, 1921.--
Reserves for policies and contracts issued prior to May 17, 1921, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all these policies and contracts than the minimum reserves required by law.
(b) Issuance on or after May 17, 1921.--
Reserves for any category of policies, contracts or benefits established by the commissioner, issued on or after May 17, 1921, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided under this chapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.
(c) Adoption of alternative standards.--
The following shall apply:
(1) Subject to paragraph (2), a company that adopts at any time a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided under this chapter may adopt a lower standard of valuation with the approval of the commissioner, but not lower than the minimum provided in this chapter.
(2) For the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by section 7113 (relating to actuarial opinion of reserves prior to operative date of valuation manual) or 7114 (relating to actuarial opinion of reserves on or after operative date of valuation manual) shall not be deemed to be the adoption of a higher standard of valuation.
Cross References.
Section 7121 is referred to in section 7103 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7122 - Reserve calculation for valuation net premium exceeding gross premium charged

§ 7122. Reserve calculation for valuation net premium exceeding gross premium charged.
(a) Calculation of minimum reserve.--
The following shall apply:
(1) If in any contract year the gross premium charged by a company on a policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of:
(i) The reserve calculated according to the mortality table, rate of interest and method actually used for the policy or contract.
(ii) The reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium.
(2) The minimum valuation standards of mortality and rate of interest referred to in this subsection are those standards stated in sections 7115 (relating to computation of minimum standard) and 7117 (relating to computation of minimum standard by calendar year of issue).
(b) How to apply this section for certain policies.--
The following shall apply:
(1) For a life insurance policy issued on or after January 1, 1985, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value or a combination in an amount greater than the excess premium, the provisions of this section shall be applied as if the method actually used in calculating the reserve for the policy were the method described in section 7118 (relating to reserve valuation method for life insurance and endowment benefits), ignoring section 7118(b).
(2) The minimum reserve at each policy anniversary of the policy under paragraph (1) shall be the greater of the minimum reserve calculated in accordance with section 7118, including section 7118(b), and the minimum reserve calculated in accordance with this section.
Cross References.
Section 7122 is referred to in sections 7103, 7115, 7118, 7120, 7123 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7123 - Reserve calculation for indeterminate premium plans

§ 7123. Reserve calculation for indeterminate premium plans.
(a) Applicability.--
This section shall apply to either of the following:
(1) A plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience.
(2) A plan of life insurance or annuity that is of a nature that the minimum reserves cannot be determined by the methods described in any of the following:
(i) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).
(ii) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).
(iii) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).
(b) Nature and calculation of reserves.--
The reserves that are held under a plan under this section shall be:
(1) Appropriate in relation to the benefits and the pattern of premiums for the plan.
(2) Computed by a method that is consistent with the principles of this chapter, as determined by regulation.
Cross References.
Section 7123 is referred to in sections 7103, 7120 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 40 - INSURANCE › Chapter 71 - Reserve Liabilities › Section 7124 - Minimum standard for accident and health insurance contracts

§ 7124. Minimum standard for accident and health insurance contracts.
(a) Annual valuation of reserve liabilities.--
On an annual basis as of the December 31 of the preceding year, the commissioner shall value or cause to be valued, or require the insurer to value or cause to be valued the reserve liabilities of each company doing business in this Commonwealth, with respect to all the accident and health insurance contracts of the company.
(b) Issuances after operative date of valuation manual.--
For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual shall be the minimum standard of valuation required under section 7112 (relating to reserve valuation for policies and contracts issued on or after operative date of valuation manual).
(c) Issuances prior to operative date of valuation manual.--
For accident and health insurance contracts issued on or after May 17, 1921, and prior to the operative date of the valuation manual, the following shall apply:
(1) The minimum standard of valuation shall be the standard adopted by the commissioner by regulation.
(2) The company shall maintain a claim reserve for incurred but unpaid claims and an active life reserve that shall:
(i) place a sound value on its liabilities under these contracts; and
(ii) be not less than the reserve according to appropriate standards as prescribed by regulation.
(3) The active life reserve shall not be less in the aggregate than the pro rata gross unearned premiums for the contracts.
(d) Foreign or alien insurers.--
For a foreign or alien insurer, the commissioner may accept a like valuation of the insurance supervising official of the state, province or foreign country in which that insurer is domiciled, if that valuation is made upon a basis and according to standards producing an aggregate reserve not less than contained in this chapter.
(e) Applicability.--
This section shall not apply to total and permanent disability benefits supplementary to life insurance or annuity policies or contracts.
Cross References.
Section 7124 is referred to in sections 7103, 7112, 7115, 7118 of this title.