40 Pa. Stat. § 429

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 429 - Election of directors and trustees; terms; vacancies

Any stockholder or member elected to the post of director or trustee shall continue in office unless the insurance commissioner, after such investigation as he deems proper, shall determine that the responsibility, character, and general fitness for the business, of such individual are not such as to command the confidence of the public, and to warrant the belief that the business of the company will be honestly and efficiently conducted in accordance with the intent and purpose of this act. Any adjudication by the insurance commissioner pursuant to this section shall be subject to the provisions of the "Administrative Agency Law," Act of June 4, 1945 (P.L. 1388).

40 P.S. § 429

1921, May 17, P.L. 682, art. III, § 308. Amended 1953, July 2, P.L. 336, § 1; 1953, July 2, P.L. 337, § 1; 1968, Nov. 27, P.L. 1118, No. 349, § 7. Affected 1990, Dec. 19, P.L. 834, No. 198, § 401(b), effective in 6 months.