31 Pa. Code § 124.1

Current through Register Vol. 54, No. 52, December 28, 2024

Section 124.1 - Definitions

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

Act-Article XVI of The Insurance Company Law of 1921 (40 P. S. §§ 991.1601-991.1625).

Alien insurer-An insurer incorporated or organized under the laws of a foreign nation or of a province or territory other than a state or a territory of the United States or the District of Columbia.

Binding authority-The authority delegated to a surplus lines licensee by an eligible surplus lines insurer to obligate the eligible surplus lines insurer to accept a particular risk.

Commissioner-The Insurance Commissioner of the Commonwealth.

Department-The Insurance Department of the Commonwealth.

Eligible surplus lines insurer list-The most recent list of eligible surplus lines insurers published by the Department under section 1605(b) of the act (40 P. S. § 991.1605(b)).

Foreign insurer-

(i) An insurer, other than an alien insurer, not incorporated or organized under the laws of the Commonwealth.

(ii) For purposes of this chapter, the term also includes a United States branch of an alien insurer which branch is not entered through and licensed to transact insurance or reinsurance in this Commonwealth.

(b) Unless the context otherwise requires, other terms found in this chapter are used as defined in the act.

31 Pa. Code § 124.1