Pennsylvania Act 1945-242 — INSURANCE COMPANIES TO TRANSACT BUSINESS OUTSIDE UNITED STATES

Act text

INSURANCE COMPANIES TO TRANSACT BUSINESS OUTSIDE UNITED STATES
                  Act of May 16, 1945, P.L. 587, No. 242              Cl. 40
                                  AN ACT

     To authorize domestic stock and mutual insurance companies,
        other than life, to transact outside of the United States,
        its territories and possessions, any and all forms of
        insurance or reinsurance, other than life insurance or
        annuities; authorizing such companies to accept any and all
        kinds of reinsurance, other than life insurance or annuities;
        providing for the maintenance in either case of a minimum
        policyholders' surplus, and for reserves as required by the
        act, approved the seventeenth day of May, one thousand nine
        hundred and twenty-one (Pamphlet Laws, seven hundred eighty-
        nine).

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Domestic stock and mutual insurance companies,
     other than life, may transact outside of the United States, its
     territories and possessions, any and all forms of insurance or
     reinsurance, other than life insurance or annuities, on risks
     outside of the United States, its territories and possessions,
     provided that any such company shall maintain a minimum
     policyholders' surplus of two million dollars ($2,000,000.00).
        Section 2.  Domestic stock and mutual insurance companies,
     other than life, may accept any and all kinds of reinsurance,
     other than life insurance and annuities, provided that such
     company shall maintain a minimum policyholders' surplus as now
     required by law.
        Section 3.  All companies doing business authorized by this
     act shall maintain reserves in the amounts and in the manner
     prescribed by sub-article (b) of article III of the act,
     approved the seventeenth day of May, one thousand nine hundred
     and twenty-one (Pamphlet Laws, seven hundred eighty-nine, as
     amended).