Pennsylvania Act 1949-298 — INSURANCE UNIFORM ACCOUNTING AND REPORTING LAW

Act text

INSURANCE UNIFORM ACCOUNTING AND REPORTING LAW
                  Act of May 9, 1949, P.L. 1025, No. 298              Cl. 40
                                  AN ACT

     Requiring companies and organizations subject to the provisions
        of the act of June 11, 1947 (Pamphlet Laws 538), or the act
        of June 11, 1947 (Pamphlet Laws 551), or section 654 of the
        act of May 17, 1921 (Pamphlet Laws 682), to maintain uniform
        classifications of accounts and records; make uniform
        reports; providing for appeals to the Court of Common Pleas
        of Dauphin County; and prescribing penalties.

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

        Section 1.  Each stock or mutual insurance company,
     association, exchange, employers mutual liability association
     and organization, including the State Workmen's Insurance Fund,
     which is subject to the provisions of the act of June 11, 1947
     (Pamphlet Laws 538), or the act of June 11, 1947 (Pamphlet Laws
     551), or section 654 of the act of May 17, 1921 (Pamphlet Laws
     682), shall maintain uniform classifications of accounts and
     records as may be prescribed by the Insurance Commissioner.
        Section 2.  Each stock or mutual insurance company,
     association, exchange, employers mutual liability association
     and organization, including the State Workmen's Insurance Fund,
     which is subject to the provisions of the act of June 11, 1947
     (Pamphlet Laws 538), or the act of June 11, 1947 (Pamphlet Laws
     551), or section 654 of the act of May 17, 1921 (Pamphlet Laws
     682), shall file such uniform reports relative to their business
     and transactions as the Insurance Commissioner may deem
     necessary. Such reports, except when otherwise provided by law,
     shall be filed on the date prescribed by the Insurance
     Commissioner and in such form as may be determined by the
     Insurance Commissioner.
        Section 3.  Any insurance company, association, exchange, or
     organization to which this act applies, which neglects or
     refuses to maintain its records as herein provided for or which
     neglects or refuses to file uniform reports, shall forfeit a sum
     not to exceed one hundred dollars ($100) per day for each day
     during which such neglect or refusal continues and, upon notice
     by the Insurance Commissioner, its authority to do new business
     shall cease while such default continues. For wilfully making
     false reports, any insurance company, association, exchange, or
     organization to which this act applies, and the persons making
     oath to or subscribing the same, shall severally be punished by
     a fine of not less than five hundred dollars ($500) nor more
     than five thousand dollars ($5000). A person who wilfully makes
     oath to such false report shall be guilty of perjury.
        Section 4.  No action shall be taken by the Insurance
     Commissioner under the provisions of section 3 of this act
     except after a hearing held upon ten days' written notice to the
     party or parties concerned. Classifications of accounts and
     records or reports shall be prescribed by the Insurance
     Commissioner under the provisions of this act only upon notice
     and after hearing to all parties affected thereby, and rules and
     regulations relating thereto shall be promulgated by the
     Insurance Commissioner at least six months before the effective
     date thereof.
        (4 repealed in part Apr. 28, 1978, P.L.202, No.53)

        Compiler's Note:  Section 508(a) of Act 223 of 1970 provided
            that the jurisdiction of the courts named in section 4 is
            transferred to and vested in the Commonwealth Court and
            provided that section 4 repealed insofar as it is
            inconsistent with Act 223.
        Compiler's Note:  Section 14(a) of Act 185 of 1969 provided
            that the jurisdiction of the courts named in section 4 is
            vested in the Commonwealth Court and provided that
            section 4 is repealed insofar as it is inconsistent with
            Act 185.