Current through Register Vol. 54, No. 45, November 9, 2024
Section 23.3 - Applicability(a) This chapter shall apply to every domestic stock insurer which has any class of equity security held of record by 100 or more persons.(b) This chapter shall not apply to any insurer if 95% or more of its equity securities are owned or controlled by a parent or an affiliated insurer and the remaining securities are held of record by less than 500 persons.(c) A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents, and authorizations complying with the requirements of the Securities Act of 1933, as amended (15 U.S.C.A. § 77(a) et seq.), and the applicable regulations promulgated thereunder, shall be exempt from the provisions of this chapter with respect to any class of securities subject to SEC jurisdiction. This section cited in 31 Pa. Code § 23.4 (relating to illegal solicitations).