Section 933 - Filing of declaration; contentsSuch underwriters shall file with the Insurance Commissioner a declaration, signed and sworn to by their duly authorized attorney or attorneys-in-fact, setting forth:
(a) The name or title under which the business is to be conducted, which name shall not be so similar to any existing association of insurers on the Lloyds or inter-insurance plan, or insurance corporations, as in the opinion of the Insurance Commissioner is calculated to deceive.(b) The location of the principal office at which the business is to be conducted.(c) A copy of the form of power of attorney, agreement, or other authority of the attorney or attorneys-in-fact, setting forth the character of their representatives and their authority and the agreement between the underwriters.(d) Copies of the forms of policy, contracts, or agreements under or by which insurance is to be affected. (e) The names and addresses of all the underwriters proposing to engage in such business.(f) If a foreign association, the designation and appointment of the Insurance Commissioner for service of legal process.(g) The kind or kinds of insurance to be written.(h) That a fund for the protection of policyholders is in the possession, within the United States, of the attorney or attorneys-in-fact, or a committee for such underwriters, and is either in cash or invested as required by the laws of the State in which the principal office of the underwriters is located in respect to securities deposited by the insurance corporations authorized to transact similar kinds of insurance. Such fund shall amount to the sum of one hundred thousand dollars ($100,000), if the applicants desire to be authorized to transact the kind of insurance specified in any one of the subdivisions (a), (b), or (c), or in subdivisions (a) and (c), or (b) and (c), of section nine hundred and two (902) of this act; and such fund to amount to the sum of two hundred thousand dollars ($200,000), if the applicants desire to be authorized to transact all the kinds of insurance specified in subdivisions (a), (b), and (c), or in subdivisions (a) and (b) of said section.(i) The number of underwriters, which shall not be less than twenty-five (25), and that each underwriter is worth, in his own right, not less than twenty thousand dollars ($20,000), over and above all his debts and liabilities.(j) A statement showing a list of all cash and invested assets owned by said associated underwriters, as such, and their estimated value. The Insurance Commissioner may, in his discretion, by a writing to be filed and kept in the Insurance Department, waive the filing of any part of the declaration mentioned on the part of such underwriters as are lawfully doing business in this Commonwealth at the time this act takes effect and who have heretofore filed such duly verified information with the said commissioner.
1921, May 17, P.L. 682, art. IX, § 903.