40 Pa. Stat. § 518

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 518 - Misrepresentation, etc., for the purpose of securing insurance; penalty

Any agent of a stock or mutual life insurance company, or any physician or other person whatsoever, who shall knowingly make or be concerned or interested in making, any misrepresentation or false statement for the purpose of securing, from any stock or mutual life insurance company, a policy of insurance upon his own life or the life of any other person, shall be guilty of a misdemeanor, and, upon conviction thereof, be fined not exceeding one thousand dollars, or undergo imprisonment not exceeding one year, or both; or, upon satisfactory evidence of the violation of this section by any agent or solicitor of any insurance company, association, or exchange, or by any insurance broker or excess insurance broker, the Insurance Commissioner may, in his discretion, take, against the offending party, any one or more of the following courses of action:

(1) Suspend or revoke the license of such offending solicitor or agent, insurance broker, or excess insurance broker; (2) refuse, for a period of not to exceed one year thereafter, to issue a new license to such offending agent, solicitor, broker, or excess insurance broker; (3) impose a penalty of not more than one thousand dollars for each act of violation of this section.

40 P.S. § 518

1921, May 17, P.L. 682, art. IV, § 414. Amended 1931, June 23, P.L. 904, § 1. Affected 1978, April 28, P.L. 202, No. 53, § 2(a) [1048], effective 6/27/1978.