31 Pa. Code § 27.1

Current through Register Vol. 54, No. 25, June 22, 2024

Section 27.1 - Definitions

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Acquisition of assets-The purchase, lease, exchange, succession or other acquisition of assets, other than the following:

(i) The purchase, construction or development of real property occupied or to be occupied by the insurer for the transaction of its business or the acquisition of materials for that purpose.

(ii) Electronic data processing hardware and operating software acquired by the insurer to support the transaction of its business.

Act-The Insurance Company Law of 1921 (40 P. S. §§ 341-991.1718).

Association-Individuals, partnerships or associations of individuals, authorized to engage in the business of insurance in this Commonwealth as insurers on the Lloyds plan.

Commissioner-The Insurance Commissioner of the Commonwealth.

Department-The Insurance Department of the Commonwealth.

Disposition of assets-The sale, lease, transfer, exchange, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction, alienation or other conveyance of an interest in assets.

Domestic-Incorporated or organized under the laws of the Commonwealth.

Exchange-Individuals, partnerships and corporations, authorized by the laws of the Commonwealth to exchange with each other inter-insurance or reciprocal insurance contracts.

Insurer-A stock or mutual insurance company (including title insurance companies), association or exchange.

Licensed-Currently authorized by the Commissioner to transact the business of insurance in this Commonwealth under the act, as evidenced by a certification issued by the Commissioner.

31 Pa. Code § 27.1