Current through Register Vol. 54, No. 24, June 15, 2024
Section 118.1 - Definitions(a) The definitions utilized in Chapter 116 (relating to discounting of worker's compensation loss reserves) are incorporated for use in this chapter except that language utilizing the term "worker's compensation" shall be amended for use in this chapter utilizing the term "medical malpractice."(b) For purposes of this chapter, the definition of "insurance company" in § 116.1 (relating to definitions) also includes the Pennsylvania Professional Liability Joint Underwriting Association, an insurance entity created under section 801 of the Health Care Services Malpractice Act (40 P. S. § 1301.801).(c) The term "independent actuary" as used in § 118.4(a) (relating to actuarial certification) means a fellow or associate of the Casualty Actuarial Society with appropriate experience in responsible actuarial work, including medical malpractice, who is not an officer, director or employee of the insurer whose reserves he is certifying.(d) Other definitions: Act-The Insurance Department Act of 1921 (40 P. S. §§ 1-297-4).
Commissioner-The Insurance Commissioner of the Commonwealth.
Department-The Insurance Department of the Commonwealth.
The provisions of this § 118.1 amended June 15, 2001, effective 6/16/2001, 31 Pa.B. 3191.