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Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.5 - Policy requirements

Current through Register Vol. 54, No. 28, July 13, 2024
All policies of insurance issued in this Commonwealth
				  insuring personal property through a transaction involving a debtor pledging
				  personal property as collateral or personal property purchased under a credit
				  transaction or their equivalent, the premium or cost of which is paid as an
				  identifiable charge, in whole or in part by the debtor, shall be written for
				  the full term for which the premium is charged and shall contain full and
				  complete information on the following:
(1) Perils insured against.
(2) Amount of insurance covering the article
				purchased or offered as security or pledged as collateral.
(3) Rate charged for each $100 of
				insurance.
(4) Amount of the gross
				premium charged for each peril insured against when the premium is divisible
				and the aggregate premium charged for all perils insured against when the
				premium is not divisible.
(5)
				Effective date of insurance to be provided and the term of insurance to be
				provided.
(6) The personal property
				insurance premium shall be based upon actual cash value of the personal
				property purchased in a time sales finance transaction. In a consumer loan
				transaction, the personal property insurance premium shall be based upon the
				lesser of the amount of the cash proceeds or the actual cash value of the
				personal property offered as security or pledged as collateral. The amount of
				personal property insurance shall not include any finance charge, service
				charge, or similar charge or any fee including but not limited to those
				designated as service, notary, prothonotary, recording, or registration fees
				and shall not include any life insurance premium, accident and health insurance
				premium or personal property insurance premium.
(7) Memorandum or certificate of insurance or
				other evidence of insurance must be given each insured debtor within 30 days
				after an indebtedness is incurred and should be readily identifiable with the
				master policy in question and shall contain all conditions and exclusions of
				the master policy including but not limited to information designated in this
				section. At the time an indebtedness is incurred, the debtor shall receive a
				copy of the Security Agreement, Financing Statement, or similar document
				evidencing among other items personal property insurance coverage afforded the
				debtor. All changes in policy terms and conditions shall be evidenced by an
				endorsement forwarded directly by the insurer to both the debtor and
				creditor.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.6 - Purchase and sale of insurance

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Purchase of insurance by debtor shall be voluntary.
(b) Policies of insurance shall not be sold
				if debtor has valid and collectible insurance on the same collateral to offer
				to the creditor and a loss payable endorsement is provided to the creditor for
				its protection. In the case of a credit transaction sale, or a transaction
				involving a debtor pledging personal property as collateral, no policies of
				insurance shall provide in any one kind of coverage an amount which exceeds the
				price of the personal property purchased in a time sales finance transaction,
				or the lesser of the amount of the cash proceeds or the actual cash value of
				the personal property offered as security or pledged as collateral. No debtor's
				policy of insurance shall be extended beyond the time period of the loan or
				financial arrangement unless at the written request of the insured debtor. If
				the insured debtor does not so request in writing an extension of the insurance
				policy term, a
pro rata
refund of the premium shall be made by
				the insurer or creditor to the debtor when the indebtedness is discharged by
				prepayment or otherwise prior to the expiration of the term of the insurance
				policy.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.7 - Cancellation of insurance

Current through Register Vol. 54, No. 28, July 13, 2024
(a) No
				debtor's insurance shall be cancelled without due written notice by the insurer
				to the debtor unless the cancellation is at the request of the debtor. A
				request for cancellation by the insurer shall be inoperative when made by a
				creditor or assigns until or unless the insurer shall have given the debtor
				notice in writing of such request for cancellation.
(b) In the event of a termination of a master
				policy of insurance by the insurer there shall be at least 30 days written
				notice given to the creditor and the debtor and during such 30-day period
				existing policies shall remain in effect.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.8 - Return of insurance premium

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				In the event of cancellation of a debtor's policy of insurance on repossession
				of personal property, the insurer or the creditor shall return any unearned
				premium on such policy to the debtor on a pro rata basis from date of
				cancellation. Any unearned premium amounting to less than $1.00 need not be
				returned to the debtor. If a policy of insurance covering such personal
				property is issued by a mutual insurer or a participating stock insurer, the
				debtor shall be entitled to the benefit of any dividend plan under an
				individual policy of insurance. There shall be no minimum retained retention of
				premium. In situations wherein a repossession is preceded by a total or
				constructive total loss of personal property the insurer shall compute its loss
				liability in accordance with the insurance provisions of the policy and shall
				forward a notice directly to the debtor or to his estate's personal
				representative which accurately states the amount of liability under the policy
				of insurance, the computation basis thereof and the amount of loss payment to
				the lender or lien-holder.
(b) The
				insurer, or the creditor, after due written notice of full payment and
				satisfaction of lien, shall return any unearned premium on a debtor's policy of
				insurance to the debtor on a pro rata basis from date of termination. Any
				unearned premium amounting to less than $1.00 need not be returned to the
				debtor. If a policy of insurance covering such personal property is issued by a
				mutual insurer or a participating stock insurer, the debtor shall be entitled
				to the benefit of any dividend plan under any individual policy of insurance. A
				minimum retained retention of premium shall not exceed $1.00.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.9 - Responsibility of insurer

Current through Register Vol. 54, No. 28, July 13, 2024
(a) No
				insurer or representative of insurer shall agree with or permit any person,
				firm, or corporation other than its own employes or attorneys or adjusters or
				independent adjusters to adjust or pay claims under debtor's policies. No
				agent, broker or other person having a retrospective commission arangement or
				other beneficial interest in such policy of insurance shall partake in the
				selection, designation, or employment of, any insurance carrier's employe,
				adjuster, or attorney, nor shall provide any office facilities for any
				insurance carrier's employe, attorney or adjuster, nor shall such agent,
				broker, or other person having a retrospective commission or other beneficial
				interest in any policy of insurance act in any capacity directly or indirectly
				in the adjustment of a loss, in behalf of the insurance carrier.
(b) No insurer or representative of insurer
				shall enter into or renew any agreement with any agent, broker or other person
				which permits the retention or withholding by such person for the purpose of
				payment of losses, or loss adjustment expense, any portion of premiums
				collected under policies of insurance issued by the insurer. Nothing in this
				subsection shall prohibit reasonable contingent commission arrangements based
				on underwriting results.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.10 - Insurance solely for the interest of the creditor

Current through Register Vol. 54, No. 28, July 13, 2024
(a) If a policy of insurance provides
				insurance solely for the interest of the creditor, the insurer issuing such
				policy of insurance shall provide notice to the debtor that debtor's interest
				is not protected.
(b) Any company,
				agent, or broker who writes, arranges for, or obtains such insurance shall
				provide that the debtor be clearly advised in writing of the fact such
				insurance is for the sole protection of the creditor.
(c) In such single interest cases, no
				identifiable charge shall be made to the debtor for such insurance.
(d) Such policies of insurance also shall
				provide, except for willful acts, an express waiver of subrogation against the
				debtor or his assignee.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.11 - Reporting of experience and expenses

Current through Register Vol. 54, No. 28, July 13, 2024
Experience and expenses shall be reported annually by May 1st
				  of the following year on all business written in the Commonwealth of
				  Pennsylvania, such experience and expense data shall include at the minimum
				  exposures, premium written (gross basis, before experience refunds or
				  dividends); premium earned; losses, both paid and incurred; number of claims
				  paid and incurred. Also loss adjustment expenses, both allocated and
				  unallocated; production expenses incurred, commission and other expenses;
				  general expenses incurred; taxes, licenses and fees incurred; total expenses
				  incurred and gain or loss from underwriting. Reports are to be presented to the
				  Insurance Department in the manner prescribed in the following forms:
Click to
				  view image
Click to
				  view image
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 112 - POLICIES COVERING PERSONAL PROPERTY PLEDGED AS COLLATERAL › Section 112.12 - Enforcement

Current through Register Vol. 54, No. 28, July 13, 2024
A person, agent, broker, corporation, firm, partnership or
				  association or an insurance company, association or exchange failing to comply
				  with the provisions of this chapter shall be considered when appropriate in
				  violation of any of the following acts or specified sections thereof and
				  subject to penalties as follows:
(1)
				The Fire, Marine and Inland Marine Rate Regulatory Act, act of June 11, 1947
				(P. L. 551, No. 247) as reenacted and amended by section 1 of the act of August
				23, 1961 (P. L. 1053) (40 P. S. §
										1233) and penalties specified in section 3
				(40
				P. S. §
										1235) of that act.
(2) Section 346 of the Insurance Company Law
				of 1921 (40 P. S. §
										471) and
				penalties specified in section 350 (40 P. S. §
										475) of that act.
(3) Section 354 of The Insurance Company Law
				of 1921 (40 P. S. §
										477b) and
				penalties specified in that section.
(4) Section 635 of The Insurance Department
				Act of one thousand nine hundred and twenty-one (40 P. S. §
										275) and penalties specified in section 639
				(40
				P. S. §
										279) of that act.
(5) Section 5(a)(4) of The Unfair Insurance
				Practices Act (40 P. S. §§
										1171.5(a)(4)) and penalties
				specified in sections 9-11 (40 P. S. §§
										1171.9-1171.11) of that act.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 113 - MISCELLANEOUS PROVISIONS › Subchapter G - INCREASE IN PREMIUM AND MIDTERM CANCELLATION OR NONRENEWAL OF COMMERCIAL PROPERTY AND CASUALTY POLICIES › Section 113.82 - Notice of premium increase

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				  Insurers shall provide the named insured advance notice of any increase in
				  renewal premium at least 30 days before the upcoming policy renewal
				  date.
(b) An insurer may authorize
				  its agents to provide the notice of premium increase to the named insured. The
				  insurer is responsible for the agent's failure to provide a notice of premium
				  increase 30 days or more in advance of policy renewal.
(c) A notice of premium increase shall be
				  provided to the named insured when a policy is issued by an insurer of a group
				  of affiliated insurers that supersedes a policy issued by an insurer from the
				  same group of affiliated insurers, and the premium will increase as a result of
				  the superseding policy.
(d)
				  Insurers are responsible for documenting that advance notice was provided to
				  the named insured. Insurers may satisfy this requirement by doing one of the
				  following:
(1) Maintaining a copy of the
				  advance written notice provided to the named insured.
(2) Documenting its file to reflect the date
				  and time advance notice was provided to the named insured.
(3) Providing documentation from its agent
				  reflecting compliance with either paragraph (1) or (2).
(4) Providing other documentation such as
				  renewal offers or other methods which are accepted and common within the
				  industry as would reasonably demonstrate compliance. The documentation will be
				  evaluated at the sole discretion of the Department.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 113 - MISCELLANEOUS PROVISIONS › Subchapter G - INCREASE IN PREMIUM AND MIDTERM CANCELLATION OR NONRENEWAL OF COMMERCIAL PROPERTY AND CASUALTY POLICIES › Section 113.84 - Certification procedure for loss of or substantial decrease in reinsurance

Current through Register Vol. 54, No. 28, July 13, 2024
The procedure for certification of loss of or substantial
					 decrease in reinsurance is as follows:
(1) If the loss of reinsurance is the result
				  of cancellation of the reinsurance agreement by the reinsurer, a copy of that
				  portion of the reinsurance contract that is directly applicable and a copy of
				  the reinsurance cancellation notice shall accompany the certification. The
				  insurer shall also certify that the loss of reinsurance directly affects
				  in-force policies.
(2) If the loss
				  of or substantial decrease in reinsurance is the result of an amendment to the
				  reinsurance contract by the reinsurer, a copy of the reinsurance contract and a
				  copy of the amendment shall accompany the certification.
(3) If the loss of or substantial decrease in
				  reinsurance is the result of the difference between the expiration of a
				  reinsurance contract and a new reinsurance contract, a copy of both reinsurance
				  contracts shall accompany the certification.
(4) Certification shall be in the form of a
				  written statement, signed by an officer of the insurer, identifying the
				  specific lines of insurance affected by the loss of the reinsurance, providing
				  a reasonably accurate estimate of the number of Pennsylvania in-force policies
				  affected, describing attempts to replace reinsurance and verifying that the
				  insurer shall cancel only policies specifically affected by the loss of the
				  reinsurance.
(5) Certification
				  shall be submitted to the Commissioner by certified mail, or an equivalent
				  means of delivery that provides for proof of delivery, on or before the date of
				  issuance of cancellation notices to the affected insureds. If the Commissioner
				  finds that no basis for cancellation exists, immediately upon his notification
				  to the certifying insurer, cancellation notices shall be rescinded.
(6) If an insurer makes a determination that
				  the loss of or substantial decrease in a reinsurance contract will materially
				  affect its overall financial condition, it may at the time of certification
				  request that the Commissioner approve a shorter period in which to provide
				  notice of cancellation than that which is provided for in section 3(a)(3) of
				  the act (40 P. S. §
											3403(a)(3)).
(7) If a copy of the reinsurance contract is
				  not available because the contract or an amendment thereto has not been
				  received by the insurer, a general explanation in writing of the effect of the
				  loss of reinsurance shall accompany the certification.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 113 - MISCELLANEOUS PROVISIONS › Subchapter G - INCREASE IN PREMIUM AND MIDTERM CANCELLATION OR NONRENEWAL OF COMMERCIAL PROPERTY AND CASUALTY POLICIES › Section 113.85 - Midterm cancellation for material failure to comply with policy terms, conditions or contractual duties

Current through Register Vol. 54, No. 28, July 13, 2024
An insurer may cancel in midterm a policy of insurance
					 covering commercial property and casualty risks for material failure to comply
					 with policy terms, conditions or contractual duties which require the insured
					 to comply with safety standards and loss control recommendations, if the
					 following apply:
(1) The policy
				  specifically provides that material failure to comply with safety standards and
				  loss control recommendations may constitute a basis for cancellation.
(2) The insurer has provided the named
				  insured with written notice of the failure to comply with safety standards and
				  loss control recommendations.
(3)
				  The insurer has provided the named insured with a reasonable opportunity to
				  cure deficiencies with respect to safety standards and loss control
				  recommendations.
(4) The
				  deficiencies with respect to safety standards and loss control recommendations
				  have not been cured.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 113 - MISCELLANEOUS PROVISIONS › Subchapter G - INCREASE IN PREMIUM AND MIDTERM CANCELLATION OR NONRENEWAL OF COMMERCIAL PROPERTY AND CASUALTY POLICIES › Section 113.86 - Notices of nonrenewal or cancellation forwarded by agents

Current through Register Vol. 54, No. 28, July 13, 2024
An insurer shall be deemed in compliance with the
					 requirement that notices of midterm cancellation or nonrenewal be forwarded by
					 the insurance company directly to the named insured if an agent, who is
					 authorized by an insurer to act on its behalf for purposes of providing notice
					 of midterm cancellation or nonrenewal forwards notices of midterm cancellation
					 or nonrenewal to the named insured. The insurer is responsible for the
					 authorized agent's failure to meet the requirements for providing notice of
					 midterm cancellation or nonrenewal to the named insured.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 113 - MISCELLANEOUS PROVISIONS › Subchapter G - INCREASE IN PREMIUM AND MIDTERM CANCELLATION OR NONRENEWAL OF COMMERCIAL PROPERTY AND CASUALTY POLICIES › Section 113.87 - Return of unearned premiums

Current through Register Vol. 54, No. 28, July 13, 2024
An insurer is responsible for the return of unearned
					 premium to the named insured within the time period required by the act. An
					 insurer may authorize its agents to return unearned premium to the named
					 insured. The insurer is responsible for the agent's failure to return unearned
					 premium to the named insured as required by the act.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 113 - MISCELLANEOUS PROVISIONS › Subchapter G - INCREASE IN PREMIUM AND MIDTERM CANCELLATION OR NONRENEWAL OF COMMERCIAL PROPERTY AND CASUALTY POLICIES › Section 113.88 - Issuance of nonrenewal and cancellation notices

Current through Register Vol. 54, No. 28, July 13, 2024
The reason given for nonrenewal or cancellation shall be
					 clear and complete. It shall be stated so that a person of average intelligence
					 and education can understand it. Phrases such as "losses" or "underwriting
					 reasons" are not sufficiently specific reasons for nonrenewal or
					 cancellation.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › GENERAL › Section 115.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
					 have the following meanings, unless the context clearly indicates otherwise:
Act
-The act of December 20, 1983 (P. L.
					 260, No. 72) (63 P. S. §§
											1601-1608).
Active officer
-An individual designated by
					 the corporation as an officer of record for the public adjuster agency
					 license.
Active partner
-An individual designated
					 by the partnership as a partner of record for the public adjuster agency
					 license.
Business day
-A day other than a Saturday,
					 Sunday or holiday.
Commissioner
-The Insurance Commissioner of
					 the Commonwealth.
Execution date
-The date that a public
					 adjuster contract has been signed by all parties.
Insurance company
-An insurance company,
					 association or exchange authorized to transact insurance business in this
					 Commonwealth.
Resident
-A person whose business address
					 or legal residence is located in this Commonwealth.
The provisions of this §
												115.1 amended under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
This section cited in 31 Pa. Code §
												146a.2 (relating to
						definitions).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › GENERAL › Section 115.2 - Contents of public adjuster contracts, minimum standards

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A public adjuster contract shall contain,
				  at a minimum, the following information:
(1)
				  The title of the contract to read: Public Adjuster Contract.
(2) The name, business name, address and
				  telephone number of the public adjuster.
(3) The name and address of the
				  insured.
(4) The consideration
				  expressed as a percentage of any payments to be received on the negotiated
				  claim, or as a maximum dollar amount.
(5) A space provided for the execution date
				  (month, day, year) of the contract.
(6) A space provided for the signature of the
				  insured and the public adjuster.
(7) A provision setting forth the insured's
				  right to cancel, which shall be printed in prominent type on the first page of
				  the public adjuster contract in substantially the following form:
Notice of Right to Cancel
You, the insured, may cancel this contract at any time
					 prior to midnight of the fourth calendar day after the execution date of this
					 contract. If you exercise your right to cancel this contract, you will be
					 liable for reasonable and necessary emergency out-of-pocket expenses or
					 services which were paid for or incurred by the public adjuster to protect the
					 interests of the insured during the period preceding cancellation.
If you cancel this contract, anything of value given by you
					 under the contract will be returned to you within 15 business days following
					 the receipt by the public adjuster of your cancellation notice, and any
					 security interest arising out of the contract will be cancelled. To cancel this
					 contract, mail, fax or deliver in person a signed and dated copy of this notice
					 or any other written notice, indicating your intent to cancel and the date
					 thereof to (name of public adjuster) at (business address of public adjuster)
					 not later than midnight of (date). I hereby cancel this contract.
____________
(Date)
____________
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › GENERAL › Section 115.3 - Additional procedures

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Each
				  insured shall be:
(1) Verbally informed by the
				  public adjuster at the time of signing the contract of the right to
				  cancel.
(2) Furnished with a copy
				  of the executed public adjuster contract.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › GENERAL › Section 115.4 - Inducing cancellation of contract prohibited

Current through Register Vol. 54, No. 28, July 13, 2024
No insurance company, its employes, officers or agents or a
					 public adjuster or an employe, officer or agent thereof, may induce or attempt
					 to induce an insured to cancel an existing contract with a public
					 adjuster.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › GENERAL › Section 115.7 - Penalties

Current through Register Vol. 54, No. 28, July 13, 2024
A violation of this chapter will be subject to penalties
					 set forth in:
(1) Section 6 of the act
				  (40
				  P. S. §
											1606), regarding revocation, and
				  the like, of license.
(2) Section 7
				  of the act (40 P. S. §
											1607),
				  regarding violations.
(3) Section 8
				  of the act (40 P. S. §
											1608),
				  regarding administration and enforcement.
(4) The Unfair Insurance Practices Act
				  (40
				  P. S. §§
											1171.1-1171.15), if the
				  public adjuster:
(i) Demonstrates a pattern
				  or practice of violating this chapter.
(ii) Commits a single violation of this
				  chapter, that is so flagrant in nature as to warrant
				  sanctions.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › GENERAL › Section 115.8 - Filing and approval of contracts

Current through Register Vol. 54, No. 28, July 13, 2024
Applications for licensure and contract forms shall be
					 submitted to the Insurance Department, Bureau of Producer Services, for filing
					 and approval by the Commissioner.
The provisions of this §
												115.8 amended under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › GENERAL › Section 115.9 - Additional consumer protections

Current through Register Vol. 54, No. 28, July 13, 2024
A public adjuster shall:
(1) Notify the insurer, within 5 business
				  days of the execution date of the contract, of the public adjuster's
				  representation to facilitate the processing of claims.
(2) Communicate in writing, to the insured,
				  within 5 business days, all settlement offers from an insurer so that the
				  insured is made aware of all the options.
(3) Reply to written communications from an
				  insurer, with respect to a claim, in writing within 5 business days, only if
				  the communication from the insurer requires a response.
The provisions of this §
												115.9 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
This section cited in 31 Pa. Code §
												115.11 (relating to examination
						requirement; and 31 Pa. Code §
												115.16 (relating to general
						application requirements).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.11 - Examination requirement

Current through Register Vol. 54, No. 28, July 13, 2024
Applicants for public adjuster and public adjuster
					 solicitor licenses shall be required to successfully complete an examination,
					 except as provided for in §
										115.12 (relating to examination
					 requirements for nonresident applicants). Applicants seeking a license shall
					 apply for examination directly to the testing facility. See §
										115.14 (relating to administration
					 of examination).
The provisions of this §
												115.11 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.12 - Examination requirements for nonresident applicants

Current through Register Vol. 54, No. 28, July 13, 2024
A nonresident applicant for a license shall:
(1) Submit, along with the application, a
				  letter or other official document from the regulatory authority of the
				  jurisdiction where the applicant holds a license, confirming the applicant's
				  licensure in good standing for the same type of license for which application
				  is being made with the Department, whether qualification is under a written
				  examination or whether licensure preceded the requirement of a written
				  examination.
(2) Be subject to
				  reciprocal agreements between the Department and the regulatory authority of
				  the confirming jurisdiction.
(3) Be
				  required to pass the appropriate examination if unable to produce a license or
				  letter of certification of licensure from the confirming regulatory authority
				  which is satisfactory to the Department.
The provisions of this §
												115.12 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
This section cited in 31 Pa. Code §
												115.11 (relating to examination
						requirement); and 31 Pa. Code §
												115.16 (relating to general
						application requirements).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.13 - Qualifications for examination

Current through Register Vol. 54, No. 28, July 13, 2024
An individual, or officer of a corporation, partner in a
					 partnership or member of an association, who is 18 years of age or older, who
					 can read and write in the English language and, for a resident applicant, who
					 maintains a bona fide business office or legal residence in this Commonwealth,
					 may take a public adjuster/public adjuster solicitor examination upon payment
					 of the applicable fee and submission of an application form.
The provisions of this §
												115.13 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.14 - Administration of examination

Current through Register Vol. 54, No. 28, July 13, 2024
The Commissioner may delegate to a person or corporation,
					 by contract, the authority for administering and scoring examinations. An
					 eligible delegatee shall guarantee to adhere to the following standards:
(1) Examinations shall be offered at regular
				  intervals at least 12 times each year.
(2) Testing shall be conducted in locations
				  throughout this Commonwealth and other designated locations. Examples of other
				  designated locations include testing facilities that the administrator of
				  testing may have in other states, or Internet testing offered by the
				  administrator.
(3) Test security
				  shall be strictly maintained, and a set of security rules shall be developed by
				  the testing facility, which shall be approved by the Commissioner.
(4) Bias or favoritism towards an applicant
				  will not be permitted by the testing facility.
(5) The testing facility shall develop a
				  comprehensive brochure describing, at a minimum, applicable fees, the nature of
				  examination questions and providing sample questions. The brochure shall be
				  distributed to an applicant at the time of registration for examination or,
				  upon request, at any other reasonable time.
(6) The location of the testing facilities is
				  available on the Department's website at
www.insurance.state.pa.us
or upon
				  request from the Department.
The provisions of this §
												115.14 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
This section cited in 31 Pa. Code §
												115.11 (relating to examination
						requirement).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.15 - Scope of examination

Current through Register Vol. 54, No. 28, July 13, 2024
Examinations shall be designed by the testing facility to
					 test the adequacy of an applicant's knowledge of general principles of
					 insurance, insurance laws of the Commonwealth and the business of adjusting
					 losses.
The provisions of this §
												115.15 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.16 - General application requirements

Current through Register Vol. 54, No. 28, July 13, 2024
Applicants for a license shall follow the following
					 procedures:
(1) An active officer of a
				  corporation, active partner in a partnership or member of an association shall
				  be required to take a written examination unless the requirement is waived
				  under §
										115.12 (relating to examination
				  requirements for nonresident applicants) or unless the active officer, active
				  partner or member is a currently licensed public adjuster.
(2) Persons who have passed the examination
				  may apply to the Department for a license. The applicant shall attach a
				  certification from the testing facility attesting that the applicant passed the
				  examination. The certification from the testing facility is not required if the
				  testing facility reports test scores directly to the Department.
(3) Test scores and results remain valid for
				  1 year from the date of the examination. Applications received with test
				  results in excess of 1 year will be denied.
The provisions of this §
												115.16 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.17 - Completion of application and renewal application forms

Current through Register Vol. 54, No. 28, July 13, 2024
Public adjusters and public adjuster solicitors shall
					 complete application and renewal forms fully and accurately, and shall submit
					 the required fees. Those applications and renewal forms submitted to the
					 Department which are not complete and accurate or accompanied by required fees,
					 will be returned for correction together with written notice of the reason for
					 the return of the applications or renewal forms.
The provisions of this §
												115.17 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.18 - Application procedures for individual persons

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An individual shall complete the
				  application for an initial license. Accompanying the application shall be:
(1) The appropriate application
				  fee.
(2) A bond as required by
				  statute.
(3) A receipt from the
				  surety stating that the premium has been paid in full on the bond.
(4) A copy of the contract to be used in this
				  Commonwealth.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.19 - Denial of application

Current through Register Vol. 54, No. 28, July 13, 2024
The applicant may be denied a license for any of the
					 following reasons. The applicant:
(1)
				  Has provided incorrect, misleading or incomplete answers to interrogatories on
				  forms incidental to applying for a license.
(2) Has been denied a license or has had an
				  existing license revoked, suspended or not renewed by the Department or a
				  regulatory authority in another state, territory or possession of the United
				  States, or in the District of Columbia, or the Canadian provinces.
(3) Does not possess the professional
				  competence and trustworthiness required to engage in the business of being a
				  public adjuster or public adjuster solicitor.
(4) Has pleaded guilty, entered a plea of
				  nolo contendere or has been found guilty of a felony in a court of competent
				  jurisdiction, or has pleaded guilty, entered a plea of nolo contendere, or been
				  found guilty of criminal conduct which relates to the applicant's suitability
				  to engage in the business of being a public adjuster or public adjuster
				  solicitor.
(i) Examples of criminal violations
				  which the Department may consider related to the applicant's suitability to
				  engage in the business of being a public adjuster or public adjuster solicitor
				  including unlawful practices as set forth in sections 6(a)(1)-(3), (5)-(7) and
				  (12) of the act (63 P. S. §
												1606(a)(1)-(3), (5)-(7) and
				  (12)), embezzlement, obtaining money under false pretenses, conspiracy to
				  defraud, bribery or corrupt influence, perjury or false swearing, unlicensed
				  activity or a criminal offense involving moral turpitude or harm to
				  another.
(ii) Examples of
				  violations or incidents which the Department will not consider related to the
				  applicant's suitability to engage in the business of being a public adjuster or
				  public adjuster solicitor are all summary offenses, records of arrests if there
				  is no conviction or a crime based on the arrest, convictions which have been
				  annulled or expunged or convictions for which the applicant has received a
				  pardon from the Governor.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.20 - Partnership or corporation application procedures

Current through Register Vol. 54, No. 28, July 13, 2024
Procedures for partnerships or corporations are as
					 follows:
(1) Partnerships or
				  corporations shall apply for licensure using the appropriate licensing
				  application form. The form shall be signed in the name of the partnership or
				  corporation by each active partner or active officer, and be accompanied by the
				  appropriate licensing application form for each active partner or active
				  officer who is not currently licensed. Accompanying the licensing application
				  shall be:
(i) The appropriate application
				  fee.
(ii) A bond as required by
				  statute.
(iii) A receipt from the
				  surety stating the premium has been paid in full on the bond.
(iv) A copy of the contract to be used in
				  this Commonwealth.
(v) A copy of
				  the articles of incorporation as filed with the Department of State,
				  Corporation Bureau.
(vi) A copy of
				  the public adjuster license of each active partner or active officer, if
				  applicable.
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 115 - PUBLIC ADJUSTER CONTRACTS › LICENSING REQUIREMENTS › Section 115.21 - Renewal of license

Current through Register Vol. 54, No. 28, July 13, 2024
License renewal procedures are as follows:
(1) Mailing of a license renewal form to the
				  last known address of the licensee will satisfy the Department's obligation to
				  provide the appropriate forms and notices.
(2) A license can be renewed only upon
				  submission, electronic or otherwise, of a completed renewal form, payment of
				  the required fees and an attestation or a receipt from a surety stating the
				  premium on the bond, as required, has been paid in full.
(3) Licenses shall be renewed annually on the
				  anniversary of the effective date of the initial license.
(4) Corporations shall provide to the
				  Department the names of each active officer with the renewal form to be
				  eligible for license renewal. Partnerships shall provide to the Department the
				  names of each active partner with the renewal form to be eligible for license
				  renewal.
(5) Failure to complete
				  and submit the renewal form and required fee by the expiration date shall be
				  deemed voluntary termination by the public adjuster or public adjuster
				  solicitor. Failure to correct and resubmit application renewal forms returned
				  by the Department under this section, prior to the expiration date of the
				  license, or within 15 days of the date the forms were mailed by the Department,
				  whichever is greater, will be deemed voluntary termination by the public
				  adjuster or public adjuster solicitor. Renewal forms received by the Department
				  after expiration will be denied; except that renewal forms returned by the
				  Department under this section and resubmitted as instructed by the Department
				  after expiration but within 15 days of the date the incomplete forms were
				  mailed by the Department to the applicant will be accepted.
The provisions of this §
												115.21 issued under sections 206,
						506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S.
						§§
													66,
						186,
						411 and
						412); and the act of December
						20, 1983 (P. L. 260, No. 72) (63 P. S. §§
													1601-1608).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 116 - DISCOUNTING OF WORKER'S COMPENSATION LOSS RESERVES › Section 116.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings:
Actuary
-A member of the American Academy of
				  Actuaries or an individual who has demonstrated to the satisfaction of the
				  Department that he has the educational background necessary for the practice of
				  actuarial science and that he has not less than 7 years' actuarial experience.
Annual statement
-The National Association of
				  Insurance Commissioners (NAIC) convention blank for property and casualty
				  companies adopted by the Commissioner under section 320 of The Insurance
				  Company Law of 1921 (40 P. S. §
										443).
Commissioner
-The Insurance Commissioner of
				  the Commonwealth.
Department
-The Insurance Department of the
				  Commonwealth.
Insurance company
-A licensed stock or mutual
				  fire or casualty insurer, licensed reciprocal insurance exchange, employers
				  mutual liability insurance association organized under section 636 of the
				  Insurance Company Law of 1921 (40 P. S. §
										781) or the State Workmen's Insurance
				  Fund.
Loss adjustment expense reserves
-The amount
				  set aside as of the annual statement date to provide for the future costs of
				  settling worker's compensation losses whether or not specifically allocated to
				  a given claim.
Loss reserves
-The amount set aside as of the
				  annual statement date to provide for the payment of future losses under
				  worker's compensation policies issued by insurance companies.
This section cited in 31 Pa. Code §
											118.1 (relating to
					 definitions).
Pennsylvania Code › Title 31 - INSURANCE › Part VII - Property, Fire and Casualty Insurance › Chapter 116 - DISCOUNTING OF WORKER'S COMPENSATION LOSS RESERVES › Section 116.4 - Restrictions on discounting loss reserves

Current through Register Vol. 54, No. 28, July 13, 2024
The discounting of workers' compensation loss reserves is
				  subject to the following limitations:
(1) The loss reserves on the insurance
				company's annual statement calculated under this section may not be less than
				those required in section 313 of The Insurance Department Act of 1921
				(40
				P. S. §
										112).
(2) Unless otherwise permitted by paragraphs
				(3) and (4), an insurance company is not permitted to assume an interest rate
				greater than the current yield to maturity on a United States Treasury debt
				instrument with maturities consistent with the expected payout of the
				liabilities.
(3) An insurance
				company may request an exception to the maximum interest rate in paragraph (2)
				if the insurance company can demonstrate to the satisfaction of the
				Commissioner that its investment yield justifies a higher interest rate
				assumption. The Commissioner may require the insurance company to submit
				additional documentation to support its request for approval of a higher
				interest rate assumption. The Commissioner will act upon requests for
				exceptions made under this paragraph within 90 days of the date the request is
				received by the Department.
(4)
				Insurers having used the previous allowed maximum discount of 6% may continue
				to use the discount factors previously allowed for accident years 2001 and
				prior, pertaining to policies issued on or prior to August 11, 2001, as long as
				they continue to demonstrate that they hold sufficient assets to support the 6%
				interest rate assumption.
The provisions of this §
											116.4 amended under The Insurance
					 Company Law of 1921 (40 P. S. §§
												341-999); The Insurance Department Act of
					 1921 (40 P. S. §§
												1-321);
					 and sections 206, 506, 1501 and 1502 of The Administrative Code of 1929
					 (71
					 P. S. §§
												66,
					 186,
					 411 and
					 412).