reglab/statecodes huggingface dataset:
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.9 - Prohibited terminology

Current through Register Vol. 54, No. 28, July 13, 2024
The following terminology is not present:
(1) The term "special," unless used in
				reference to or to designate one or more of the following: a premium payment
				mode, a premium rating class or a settlement option or options under a policy.
				This complies with §
									89.13(c)
				(relating to use of certain words and terms).
(2) The term "deposit," unless used in
				conjunction with the word "premium" or the payment establishes a
				debtor-creditor relationship. This complies with §
									87.28 (relating to reference to
				payment as "deposit").
(3) The term
				"legal reserve," the absence of which complies with Chapter 139 (relating to
				prohibited phrases).
(4) The term
				"franchise."
(5) The term
				"sponsor," unless used in reference to an entity which pays all or part of the
				premium or is a pension or welfare plan sponsor under ERISA.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.10 - Inconsistent or contradictory language

Current through Register Vol. 54, No. 28, July 13, 2024
The form contains no inconsistent or contradictory language
				  or provisions.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.11 - Definition

Current through Register Vol. 54, No. 28, July 13, 2024
The form contains a definition or explanation of terminology
				  that in the absence of definition or explanation would not be understood by a
				  lay person of average intelligence.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.12 - Fraternal benefit society

Current through Register Vol. 54, No. 28, July 13, 2024
If a form will be issued by a fraternal benefit society,
				  nonstandard insurance terminology is or is not used. This complies with §
									89.102(b)(3)
				  (relating to guidelines for approval of forms).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.13 - Riders

Current through Register Vol. 54, No. 28, July 13, 2024
(a) If a rider will
				be attached to a policy after issue, the form contains an officer's signature.
				If a rider will be attached to a policy only at issue, an officer's signature
				is or is not present.
(b) A rider
				contains a form number. This complies with §
									89b.11(b)
				(relating to general contents of forms).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.14 - Tax consequences notice

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				The form contains a clear statement that the tax status of health care
				facilities benefit payments is not clear at this time and that the owner should
				seek additional information from his personal tax advisor. The statement
				appears in a prominent position in prominent type on the first page of the
				rider, or the policy if the benefit is built into the policy. Prominent type
				means, for example, all capital letters, contrasting color, underlined or
				otherwise differentiated from the other type in the form.
(b) If the tax status is determined by
				legislation or Internal Revenue Service ruling, a tax consequences notice will
				not be required until further notification.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.15 - Disclosure and benefit payment notice

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The insurer certifies that no later than
				the time the application for the benefit is signed, the agent, broker or
				insurer will provide the applicant with a written disclosure of the benefit
				providing:
(1) An explanation of how payments
				of the benefit affect the death benefit and any policy accumulation values,
				cash values, loan balance and premium.
(2) An explanation of how the termination or
				maturity of the policy affects the benefit.
(3) A description of the amounts and
				durations of the benefit and the guaranteed lifetime benefits, if
				any.
(4) A disclosure of any
				exclusions, reductions or limitations.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90g - INDIVIDUAL HEALTH CARE FACILITY BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90g.16 - Actuarial considerations

Current through Register Vol. 54, No. 28, July 13, 2024
Actuarial considerations for forms designed as a settlement
				  of the life insurance proceeds based on a reduced life expectancy of the
				  insured.
(1) The insurer files the
				current mortality and interest and the formula used to determine the settlement
				amount. The insurer also files sample settlement amounts per $1,000 insurance
				for representative ages and plans and a sample calculation in the format that
				the Insurance Department can reproduce the settlement amount.
(2) The insurer certifies in writing that it
				will file all future changes on the basis of the calculation of the settlement
				amount. It will file changes in the mortality table or formula and changes in
				the interest rate of more than 1/2 of 1%.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.1 - Scope

Current through Register Vol. 54, No. 28, July 13, 2024
An individual waiver of surrender charge benefit filing
				  complying with the standards of this chapter is acceptable.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.2 - General provisions

Current through Register Vol. 54, No. 28, July 13, 2024
An individual waiver of surrender charge benefit complying
				  with the following is acceptable:
(1)
				The submission letter for a form complies with applicable requirements of
				§
									89b.5 (relating to letter of
				submission). For a rider, the submission letter includes a list of the
				contracts to which the rider will be attached.
(2) The form is submitted in duplicate. This
				complies with §
									89b.4(a)
				(relating to general filing procedure).
(3) The form is submitted in the final
				printed form intended for actual issue, unless the company requests tentative
				approval under §
									89.4(d)
				(Reserved). A form submitted for tentative
				approval is in draft, printer's-proof, photocopied, "filer" or other legible
				form.
(4) The form number and the
				wording in the form are printed in easily readable type.
(5) Logos are or are not present and are more
				or less prominent than the company name.
(6) The full company name appears on a rider
				for filing purposes. The name is printed or added by rubber stamp or other
				appropriate means. This complies with §
									89b.11(a)
				(relating to general contents of forms).
(7) An administrative office address or the
				home office address is or is not shown. If an address is captioned as "home
				office," it is the official home office address of record.
(8) The form contains a caption:
(i) Disclosing the coverage provided-waiver
				of surrender charge, waiver of surrender charge for health care facilities
				usage or other descriptive disclosure. This caption discloses that the form
				provides surrender charge waiver.
(ii) For a rider, disclosing that the form is
				a rider, endorsement, agreement or amendment. An alternative caption may be
				used if the form provides that the form is "attached to and made a part of the
				policy."
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.3 - Benefit provisions

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Surrender charges.
(1) The
				form discloses that the surrender charges will be waived when the
				insured/annuitant receives care from a designated health care facility. The
				form designates one or more types of health care facilities. The following are
				types of health care facilities: skilled nursing facility, extended care
				facility, intermediate care facility, convalescent care facility, personal care
				facility, home care facility or hospice facility. This is not an all inclusive
				list of types of health care facilities which may be designated.
(2) The form does or does not provide that
				the cause for the need of the care from the health care facility is sickness or
				injury.
(3) The cause for the need
				of care from the health care facility is not restricted to one or more specific
				medical condition. A medical condition, except as excluded in accordance with
				§
										90h.4 (relating to exclusions and
				restrictions) is acceptable.
(4)
				The form does not provide that the cause may not be sickness.
(5) The form does not provide that the cause
				may not be injury.
(6) The form
				does or does not provide that the care from health care facilities is medically
				necessary. If the form provides that the care from health care facilities is
				medically necessary, the form contains a definition of "medically
				necessary."
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.5 - Claim provisions

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The
				form contains the following claim provisions:
(1)
Notice of claim.
Written
				notice of claim is to be given to the insurer within 20 days after the
				occurrence or commencement of a covered loss or as soon thereafter as is
				reasonable possible. Notice given by or on behalf of the insured to the insurer
				at
(insert the location of the office as the insurer may
				  designate) or to an authorized agent of the insurer, with information
				  sufficient to identify the insured, is deemed notice to the insurer.
(2)
Claim forms.
The insurer upon receipt of a notice of claim, is required to furnish to the
				claimant forms as are usually furnished by it for filing proofs of loss. If the
				forms are not furnished within 15 days after the giving of the notice of claim,
				it is considered that the claimant complied with the requirements of this
				contract as to proof of loss if the claimant submits, within the time fixed in
				the contract for filing proofs of loss, written proof covering the occurrence,
				the character and the extent of the loss for which claim is made.
(3)
Proofs of loss.
Written
				proof of loss is to be furnished to the insurer at its office, in case of claim
				for loss for which this contract provides a periodic payment contingent upon
				continuing loss, within 90 days after the termination of the period for which
				the insurer is liable, and in case of claim for another loss, within 90 days
				after the date of the loss. Failure to furnish proof within the time required
				does not invalidate nor reduce any claim if it was not reasonably possible to
				give proof within that time, if the proof is furnished as soon as reasonably
				possible and in no event, except in the absence of legal capacity, later than 1
				year from the time proof is otherwise required.
(4)
Physical examinations.
The insurer at its own expense has the right and opportunity to examine the
				person of the insured when and as often as it may reasonably require during the
				pendency of a claim hereunder.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.6 - Termination of coverage

Current through Register Vol. 54, No. 28, July 13, 2024
The form discloses the conditions under which the coverage
				  terminates.
(1)
Benefit
				provided by rider.
(i) The following
				conditions are disclosed if the benefit is provided by a rider.
(A) Written request from the owner for
				termination.
(B) Termination of the
				policy.
(C) Nonpayment of
				premium.
(D) The total amount of
				charges waived equals the maximum amount. This condition is disclosed if a
				benefit is built into a policy.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.7 - Prohibited terminology

Current through Register Vol. 54, No. 28, July 13, 2024
The following terminology is not present:
(1) The term "special," unless used in
				reference to or to designate one or more of the following: a premium payment
				mode, a premium rating class, a settlement option or options under a policy.
				This complies with §
									89.13(c)
				(relating to use of certain words and terms).
(2) The term "deposit," unless used in
				conjunction with the word "premium" or the payment establishes a
				debtor-creditor relationship. This complies with §
									87.28 (relating to reference to
				payment as "deposit").
(3) The term
				"legal reserve", the absence of which complies with Chapter 139 (relating to
				prohibited phrases).
(4) The term
				"franchise".
(5) The term
				"sponsor," unless used in reference to an entity which pays all or part of the
				premium or is a pension or welfare plan sponsor under ERISA.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.8 - Inconsistent or contradictory provisions

Current through Register Vol. 54, No. 28, July 13, 2024
The form contains no inconsistent or contradictory language
				  or provisions.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.9 - Definition

Current through Register Vol. 54, No. 28, July 13, 2024
The form contains a definition or explanation of any
				  terminology that in the absence of definition or explanation would not be
				  understood by a lay person of average intelligence.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.10 - Fraternal benefit society

Current through Register Vol. 54, No. 28, July 13, 2024
If a form will be issued by a fraternal benefit society,
				  nonstandard insurance terminology is or is not used. This complies with §
									89.102(b)(3)
				  (relating to guidelines for approval of forms).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90h - INDIVIDUAL WAIVER OF SURRENDER CHARGES FOR LIFE AND ANNUITY CONTRACTS RESULTING FROM HEALTH CARE FACILITY USAGE; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY › Section 90h.11 - Riders

Current through Register Vol. 54, No. 28, July 13, 2024
(a) If a rider is
				attached to a policy after issue, the form contains an officer's signature. If
				a rider will be attached to a policy only at issue, an officer's signature is
				or is not present.
(b) A rider
				contains a form number. This complies with §
									89b.11(b)
				(relating to general contents of forms).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90i - CERTIFICATES OF ASSUMPTION-STATEMENT OF POLICY › Section 90i.1 - Certificate of assumption issuance

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				The Insurance Department notifies the life and accident and health insurance
				industry and the general public that it has required and will continue to
				require that certificates of assumption be provided to Pennsylvania resident
				individual and group policyholders and certificate holders of life and accident
				and health coverages when one insurer assumes the coverage of another
				insurer.
(b) With respect to credit
				insurance issued under the Model Act of the Regulation of Credit Life Insurance
				and Credit Accident and Health Insurance (40 P. S. §§
										1007.1-1007.15), and as an alternative to
				issuing certificates of assumption to certificate holders, an assumption
				certificate may be issued to the entity to which the insured debtor is indebted
				if the entity is other than the group policyholder.
(c) The certificate of assumption shall be
				provided at the time of the assumption of coverage or as soon thereafter as
				possible.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90i - CERTIFICATES OF ASSUMPTION-STATEMENT OF POLICY › Section 90i.2 - Filing of certificate form

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Form filing required
. A certificate of assumption form will be
				approved by the Insurance Department prior to issuance to a Pennsylvania
				policyholder or certificate holder. Insurance Department approval of the form
				will be in accordance with the following:
(1)
				Section 354 of The Insurance Company Law of 1921 (40 P. S. §
											477(b)).
(2) Section 401 of the Fraternal Benefit
				Society Code (40 P. S. §
											1141-401).
(3) Section 7 of the Model Act for the
				Regulation of Credit Life Insurance and Credit Accident and Health Insurance
				(40
				P. S. §
											1007.7).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90i - CERTIFICATES OF ASSUMPTION-STATEMENT OF POLICY › Section 90i.3 - Content of certificate of assumption

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The certificate of assumption shall
				include at least the following:
(1) The name
				of the insurer (transferring insurer) which is transferring the insurance
				obligation to an assuming insurer.
(2) The name and mailing address of the
				insurer (assuming insurer) which is acquiring the insurance obligation from the
				transferring insurer.
(3) A
				statement that the obligations and liabilities of the transferring insurer are
				transferred to the assuming insurer.
(4) The date the transfer takes
				effect.
(5) A statement that the
				certificate of assumption is part of and attached to the contract issued by the
				original insurer.
(6) A statement
				as to whom and where future premiums are to be paid.
(7) An execution statement.
(8) One officer's signature.
(9) The form number in the lower left hand
				corner of the certificate of assumption.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
Actuarial method
-The methodology used to
				  determine the required level of primary security, as described in §
									90j.6 (relating to actuarial
				  method).
Covered policies
-
(1) Subject to the exemptions described in
				§
									90j.5 (relating to exemptions),
				policies of either of the following types:
(i)
				Life insurance policies with guaranteed nonlevel gross premiums or guaranteed
				nonlevel benefits, or both, except for flexible premium universal life
				insurance policies;
(ii) Flexible
				premium universal life insurance policies with provisions resulting in the
				ability of a policyholder to keep a policy in force over a secondary guarantee
				period.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.2 - Authority

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter is adopted and promulgated by the Insurance
				  Department under section
				  319.3(j) of The
				  Insurance Company Law of 1921 (40 P.S. §
										442.3(j)), regarding credit
				  for reinsurance and reciprocal jurisdictions.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.3 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
The purpose and intent of this chapter is as follows:
(1) To establish uniform, National standards
				governing reserve financing arrangements pertaining to life insurance policies
				containing guaranteed nonlevel gross premiums, guaranteed nonlevel benefits and
				universal life insurance policies with secondary guarantees.
(2) To ensure that, with respect to each
				financing arrangement, funds consisting of primary security and other security,
				as defined in §
									90j.1 (relating to definitions),
				are held by or on behalf of ceding insurers in the forms and amounts required
				in this chapter.
This section cited in 31 Pa. Code §
											90j.5 (relating to exemptions);
					 and 31 Pa. Code §
											90j.8 (relating to prohibition
					 against avoidance).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.4 - Applicability

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter shall apply to reinsurance treaties that cede
				  liabilities pertaining to covered policies, as that term is defined in §
									90j.1 (relating to definitions),
				  issued by any life insurance company domiciled in this state. This chapter and
				  Chapter 161 (relating to requirements for qualified and certified reinsurers)
				  shall both apply to these reinsurance treaties. In the event of a direct
				  conflict between the provisions of this chapter and Chapter 161, the provisions
				  of this chapter shall apply, but only to the extent necessary to resolve the
				  conflict.
This section cited in 31 Pa. Code §
											90j.7 (relating to requirements
					 applicable to covered policies to obtain credit for reinsurance; opportunity
					 for remediation); and 31 Pa. Code §
											90j.8 (relating to prohibition
					 against avoidance).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.5 - Exemptions

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter does not apply to the following:
(1) Reinsurance of:
(i) Policies that satisfy the criteria for
				exemption set forth in Chapter 84c (relating to valuation of life insurance
				policies); and which are issued before the later of:
(A) The effective date of this
				chapter.
(B) The date on which the
				ceding insurer begins to apply the provisions of VM-20 to establish the ceded
				policies' statutory reserves, but in no event later than January 1,
				2020.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.6 - Actuarial method

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Actuarial method.
The actuarial method to establish the
				required level of primary security for each reinsurance treaty subject to this
				chapter shall be VM-20, applied on a treaty-by-treaty basis, including all
				relevant definitions, from the Valuation Manual as then in effect, applied as
				follows:
(1) For covered policies described in
				paragraph (1)(i) of the definition of "covered policies" in §
										90j.1 (relating to definitions),
				the actuarial method is the greater of the deterministic reserve or the net
				premium reserve (NPR) regardless of whether the criteria for exemption testing
				can be met, subject to the following:
(i) If
				the covered policies do not meet the requirements of the stochastic reserve
				exclusion test in the Valuation Manual, then the actuarial method is the
				greatest of the deterministic reserve, the stochastic reserve or the
				NPR.
(ii) If the covered policies
				are reinsured in a reinsurance treaty that also contains covered policies
				described in paragraph (1)(ii) of the definition of "covered policies" in
				§
											90j.1, the ceding insurer may
				elect to instead use paragraph (2) as follows as the actuarial method for the
				entire reinsurance agreement.
(iii)
				The actuarial method must comply with any requirements or restrictions that the
				Valuation Manual imposes when aggregating these policy types for purposes of
				principle-based reserve calculations.
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.8 - Prohibition against avoidance

Current through Register Vol. 54, No. 28, July 13, 2024
An insurer that has covered policies subject to this chapter
				  as set forth in §
									90j.4 (relating to applicability),
				  may not take any action or series of actions, or enter into any transaction or
				  arrangement, or series of transactions or arrangements, if the purpose of the
				  action, transaction or arrangement or series thereof, is to avoid the
				  requirements of this chapter, or to circumvent the purpose and intent of this
				  chapter as set forth in §
									90j.3 (relating to
				  purpose).
Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 90j - TERM AND UNIVERSAL LIFE INSURANCE RESERVE FINANCING STANDARDS › Section 90j.9 - Effective date

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter shall take effect August 6, 2022, and shall
				  pertain to the credit for reinsurance taken for all covered
				  policies.
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.1 - General

Current through Register Vol. 54, No. 28, July 13, 2024
The Insurance Department of the Commonwealth has adopted the
				  "Nation-Wide Definition" of "marine insurance," which was adopted by the
				  National Association of Insurance Commissioners on June 12, 1953 at San
				  Francisco, California, subject to the modifications set forth in this
				  chapter.
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.2 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The purpose of
				this chapter is to describe the kinds of risks and coverages which may be
				identified under State insurance laws as marine, inland marine, or
				transportation insurance, but does not include all of the kinds of risks and
				coverages which may be written, classified, or identified under marine, inland
				marine, or transportation insuring powers, nor shall it be construed to mean
				that the kinds of risks and coverages are solely marine, inland marine, or
				transportation insurance in all instances.
(b) This chapter shall not be construed to
				restrict or limit in any way the exercise of any insuring powers granted under
				charters and licenses, whether used separately, in combination, or
				otherwise.
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.3 - Imports-coverage

Current through Register Vol. 54, No. 28, July 13, 2024
Imports may be covered wherever the property may be and
				  without restriction as to time, provided the coverage of the issuing companies
				  includes the hazards of transportation.
The provisions of this §
											91.3 issued under The Insurance
					 Department Act of 1921 (40 P. S. §§
												1-321); The Insurance Company Law of 1921
					 (40
					 P. S. §§
												341-991); sections 206,
					 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
					 §§
												66,
					 186,
					 411, and
					 412); and The Fire, Marine
					 and Inland Marine Rate Regulatory Act (40 P. S. §§
												1221-1238).
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.4 - Imports-character

Current through Register Vol. 54, No. 28, July 13, 2024
An import, as a proper subject of marine or transportation
				  insurance, shall be deemed to maintain its character as such so long as the
				  property remains segregated in such a way that it may be identified and has not
				  become incorporated and mixed with the general mass of property in the United
				  States, and shall be deemed to have been completed if any of the following
				  occurs:
(1) The property is sold and
				delivered by the importer, factor, or consignee.
(2) The property is removed from the place of
				storage and placed on sale as part of the importer's stock in trade at a point
				of sale distribution.
(3) The
				property is delivered for manufacture, processing, or change in form to the
				premises of the importer or of another used for any such purposes.
The provisions of this §
											91.4 issued under The Insurance
					 Department Act of 1921 (40 P. S. §§
												1-321); The Insurance Company Law of 1921
					 (40
					 P. S. §§
												341-991); sections 206,
					 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
					 §§
												66,
					 186,
					 411 and
					 412); and The Fire, Marine
					 and Inland Marine Rate Regulatory Act (40 P. S. §§
												1221-1238).
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.5 - Exports

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Exports may be
				covered by marine and transportation insurance wherever the property may be
				without restriction as to time, provided the coverage of the issuing companies
				includes the hazards of transportation.
(b) An export, as a proper subject of marine
				or transportation insurance, shall be deemed to acquire its character as such
				when designated or while being prepared for export and retain that character
				unless diverted for domestic trade, and if so diverted, the provisions set
				forth in §
									91.6 (relating to domestic
				shipments) shall apply, provided, however, that this section shall not apply to
				long-established methods of insuring certain commodities, for example,
				cotton.
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.6 - Domestic shipments

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Domestic shipments on consignment for sale or distribution, exhibit, trial, or
				approval or auction-while in transit in the custody of others, and while being
				returned-may be covered by marine and transportation insurance provided that in
				no event shall the policy cover shipments on premises owned, leased, or
				operated by the consignor.
(b)
				Domestic shipments not on consignment may be covered by marine or
				transportation insurance provided that the coverage of the issuing companies
				includes the hazards of transportation beginning and ending within the United
				States and that such shipments shall not be covered at manufacturing premises
				nor after arrival at premises owned, leased, or operated by assured or
				purchaser.
The provisions of this §
											91.6 issued under The Insurance
					 Department Act of 1921 (40 P. S. §§
												1-321); The Insurance Company Law of 1921
					 (40
					 P. S. §§
												341-991); sections 206,
					 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
					 §§
												66,
					 186,
					 411 and
					 412); and The Fire, Marine
					 and Inland Marine Rate Regulatory Act (40 P. S. §§
												1221-1238).
This section cited in 31 Pa. Code §
											91.5 (relating to
					 exports).
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.7 - Bridges, tunnels, and other instrumentalities of transportation and communication

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Bridges,
				tunnels, and other instrumentalities of transportation and communication
				excluding buildings, their improvements and betterments, their furniture and
				furnishings, their fixed contents, and their supplies held in storage may be
				covered by marine and transportation insurance.
(b) The insurance coverage set forth in
				subsection (a) shall include all of the following:
(1) Bridges, tunnels, and other similar
				instrumentalities, including auxiliary facilities and equipment attendant
				thereto.
(2) Piers, wharves, docks,
				slips, dry docks and marine railways.
(3) Pipelines, including on-line propulsion,
				regulating, and other equipment appurtenant to such pipelines, but excluding
				all property at manufacturing, producing, refining, converting, treating, or
				conditioning plants.
(4) Power
				transmission and telephone and telegraph lines excluding all property at
				generating, converting, or transforming station, substations, and
				exchanges.
(5) Radio and television
				communication equipment in commercial use as such, including towers and
				antennae with auxiliary equipment and appurtenant electrical operating and
				control apparatus.
(6) Outdoor
				cranes, loading bridges, and similar equipment used to load, unload, and
				transport.
Pennsylvania Code › Title 31 - INSURANCE › Part V - Marine Insurance › Chapter 91 - NATION-WIDE MARINE INSURANCE DEFINITION › Section 91.8 - Property floater risks

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Personal
				property floater policies may cover any of the following, individually or
				generally:
(1) Personal effects floater
				policies.
(2) The personal property
				floater.
(3) Government service
				floaters.
(4) Personal fur
				floaters.
(5) Personal jewelry
				floaters.
(6) Wedding present
				floaters for not exceeding 90 days after the date of the wedding.
(7) Silverware floaters.
(8) Fine arts floaters covering paintings;
				etchings; pictures; tapestries; art glass windows; and other
bona fide
works of art of rarity, historical value, or artistic
				merit.
(9) Stamp and coin
				floaters.
(10) Musical instrument
				floaters. Radios, televisions, record players, and combinations thereof are not
				deemed musical instruments.
(11)
				Mobile articles, machinery, and equipment floaters-excluding motor vehicles
				designed for highway use, and auto homes, trailers, and semitrailers except
				when hauled by tractors not designed for highway use-covering identified
				property of a mobile or floating nature pertaining to or usual to a household.
				Such policies shall not cover furniture and fixtures not customarily used away
				from premises where such property is usually kept.
(12) Live animal floaters.
Pennsylvania Code › Title 31 - INSURANCE › Part VI - Mutual Insurance › Chapter 107 - ASSESSMENT PROVISIONS IN MUTUAL INSURANCE COMPANY POLICIES › Section 107.1 - Contingent liability required

Current through Register Vol. 54, No. 28, July 13, 2024
Consistent with the expression of the "maximum premium"
				  payable as required by section 806 of The Insurance Company Law of May 1921
				  (40
				  P. S. §
										916), each assessable policy
				  issued in this Commonwealth shall cause the insured to assume a contingent
				  liability for assessment for each one year period during which his policy is in
				  force.
Pennsylvania Code › Title 31 - INSURANCE › Part VI - Mutual Insurance › Chapter 107 - ASSESSMENT PROVISIONS IN MUTUAL INSURANCE COMPANY POLICIES › Section 107.2 - Disclosure

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The "Contingent
				Liability" of the insured and the "Time for Assessment" shall be clearly and
				prominently located in each policy in such manner as to alert and fully
				disclose to the insured the nature and terms of his contractual agreement
				regarding contingent liability. It shall be made clear that the amount of
				contingent liability assumed by an insured will be equal to the maximum
				assessment which the company may make.
(b) The Commissioner shall deem policy forms
				which include the notice "THIS IS AN ASSESSABLE POLICY," printed in accordance
				with §
									133.9 (relating to assessable
				policy) and equally prominent language referring to the page and paragraph or
				section number, if any, where the assessment provisions are located, to have
				satisfied the disclosure requirements of this section.
Pennsylvania Code › Title 31 - INSURANCE › Part VI - Mutual Insurance › Chapter 107 - ASSESSMENT PROVISIONS IN MUTUAL INSURANCE COMPANY POLICIES › Section 107.3 - Minimum amount of contingent liability

Current through Register Vol. 54, No. 28, July 13, 2024
(a) No assessable policy form submitted for
				Department approval after February 1, 1975, will be approved unless contract
				language comparable to the following subsections, where applicable, is
				included. Calculation of the actual amount of contingent liability, where
				possible, is acceptable.
(b) Where
				the policy states an annual premium which remains constant for all years, the
				contingent liability for each year the policy is in force shall be an amount
				equal to the annual premium stated in the policy.
(c) Where the policy states an annual premium
				which varies from year to year for any reason, the contingent liability
				required for each year the policy is in force shall be an amount equal to the
				average yearly cost or premium of the policy for the period it has been in
				effect.
(d) Where the policy does
				not state an annual premium other than an initial maintenance charge or policy
				writing fee which is not designed to form a fund for the payment of losses, the
				contingent liability for assessment shall not be greater than the proportionate
				share of losses, loss adjustment expenses and reasonable operational expenses
				sustained by the insurer during the most recent annual assessment period or
				applicable portion thereof.
(e)
				Where any policy is terminated for any reason before being in force for 1 year,
				the contingent liability required shall be an appropriate pro rata amount of
				the contingent liability otherwise required.
Pennsylvania Code › Title 31 - INSURANCE › Part VI - Mutual Insurance › Chapter 107 - ASSESSMENT PROVISIONS IN MUTUAL INSURANCE COMPANY POLICIES › Section 107.4 - Time for collection of assessment

Current through Register Vol. 54, No. 28, July 13, 2024
Procedures for the collection of the contingent liability for
				  assessment assumed by each policyholder may be initiated at any time within two
				  years from the date of expiration or cancellation of the policy. In no case
				  shall an assessment be made or collection procedures begun for losses incurred
				  by the company more than two years prior to the date of the making of such
				  assessment.
Pennsylvania Code › Title 31 - INSURANCE › Part VI - Mutual Insurance › Chapter 107 - ASSESSMENT PROVISIONS IN MUTUAL INSURANCE COMPANY POLICIES › Section 107.5 - Inconsistent provisions

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter will supersede the provisions of any other
				  regulation, rule, or order inconsistent with the provisions of this chapter, to
				  the extent of such inconsistency.
Pennsylvania Code › Title 31 - INSURANCE › Part VI - Mutual Insurance › Chapter 107 - ASSESSMENT PROVISIONS IN MUTUAL INSURANCE COMPANY POLICIES › Section 107.6 - Existing contracts

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this chapter are not intended and shall not
				  be construed to alter, amend, or otherwise affect the validity of any contract
				  of insurance presently in force. Upon renewal of existing contracts, however,
				  the provisions of this chapter shall be complied with.
Pennsylvania Code › Title 31 - INSURANCE › Part VI - Mutual Insurance › Chapter 107 - ASSESSMENT PROVISIONS IN MUTUAL INSURANCE COMPANY POLICIES › Section 107.7 - Compliance with this chapter

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Compliance may be made by issuance of riders to the policy or by amendment of
				the policy itself. After the effective date of this chapter, no new policy
				forms will be approved which do not comply with this chapter. All policies
				issued after December 31, 1977, must include the required terms in the policy
				itself, rather than by rider or endorsement.
(b) Present supplies of policy forms may, if
				endorsed by approved riders incorporating the assessment conditions, be used by
				all companies until exhausted or until December 31, 1977, whichever occurs
				first.
(c) New policy or rider
				forms shall be submitted to the Insurance Department for review. Approval
				thereof shall be obtained prior to the use of such forms for any
				purpose.
(d) This chapter shall
				become effective February 1, 1975.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.1 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
The purpose of this chapter is to establish standards for
				  policies of insurance covering personal property pledged by debtors as
				  collateral to secure a loan or personal property purchased by a credit
				  transaction; to set forth procedures for rate regulation, premium refunds, loss
				  adjustment; to provide requirements for notice of proposed insurance, filing of
				  forms, collection of premiums and maintenance of statistics.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.3 - Explanation of submission of rates

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				"Risks and coverages of Installment Sales and Leased property" has been deleted
				from the Nation-Wide Marine Definition, 31 Pa. Code §
									91.8 (relating to personal
				property floater risks). Therefore, this class of risk and type of coverage
				will no longer be considered uncontrolled and unfiled.
(b) On and after March 1, 1974, all insurance
				companies insuring personal property purchased under a credit transaction or a
				credit transaction involving a debtor pledging personal property as collateral
				must submit rates involving such policies of insurance to the Commissioner for
				prior approval. Rates currently in use shall be submitted for review by the
				Commissioner within 90 days of the date of publication of this chapter. The
				submission of new rates or submission of rates currently in use for review
				shall be in accordance with provisions of the Fire, Marine and Inland Marine
				Rate Regulatory Act (40 P. S. §
										1221 et
				seq.).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.4 - Writing of policies

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Policies may be written single interest or dual interest.
(b) No policy shall be written as excess
				insurance. Policies insuring specific items of purchase or items pledged as
				collateral shall be primary insurance.
(c) Policies of insurance shall not be used
				without the prior approval of the Commissioner.
(d) There shall be no minimum premium
				charged.