The Insurance Company Law of 1921 (Act of May 17, 1921, P.L. 682, No. 284), complete act

What this document is

The Insurance Company Law of 1921 (Act of May 17, 1921, P.L. 682, No. 284), complete act - 35 articles including Art. V Fire and Marine, Art. VI Casualty, Art. XV Risk Retention, Art. XVI Surplus Lines, Art. XVIII PA Property and Casualty Insurance Guaranty Association, Art. XX Automobile Insurance Issuance, Renewal and Cancellation is a state statute published by Pennsylvania General Assembly, Legislative Data Processing Center (legis.state.pa.us / palegis.us). It is one of the Pennsylvania documents that insurance license exam questions are written from, including pennsylvania property & casualty, pennsylvania personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• The Insurance Company Law of 1921, Section 506 (Fire Insurance Contract; Standard Policy Provisions -- Requirements in Case Loss Occurs)

  “The insured shall give immediate written notice to this Company of any loss, protect the property from further damage, forthwith separate the damaged and undamaged personal property, put it in the best possible order, furnish a complete inventory of the destroyed, damaged and undamaged property,...”

• The Insurance Company Law of 1921, Section 506(d) (Fire Insurance Contract; Binders and Temporary Insurance)

  “Binders or other contracts for temporary insurance, including fire insurance, as defined in this section, may be made orally or in writing, for a period which shall not exceed thirty days, and shall be deemed to include all the provisions of subsection two of this section and all such applicable...”

• The Insurance Company Law of 1921, Section 506.1(a) (After-Death Continuation of Basic Property Insurance)

  “Basic property insurance shall be continued one hundred and eighty (180) days after the death of the named insured on the policy or until the sale of the property, whichever event occurs first, provided that the premiums for the coverage are paid.”

• The Insurance Company Law of 1921, Section 1820 (Advertising Reference to Association Prohibited)

  “No member insurer shall, directly or indirectly, make, publish or place before the public in a newspaper or other publication or in the form of a notice, circular, pamphlet, letter or poster or over any radio or television station or in any other way an advertisement, announcement or statement of...”

• The Insurance Company Law of 1921, Section 1817(a) (Nonduplication of Recovery)

  “Any person having a claim under an insurance policy shall be required to exhaust first his right under such policy. For purposes of this section, a claim under an insurance policy shall include a claim under any kind of insurance, whether it is a first-party or third-party claim, and shall include,...”

• The Insurance Company Law of 1921, Section 2004 (Valid Reasons to Cancel Policy)

  “An insurer may not cancel a policy except for one or more of the following specified reasons: (1) Nonpayment of premium. (2) The driver's license or motor vehicle registration of the named insured has been under suspension or revocation during the policy period; the applicability of this reason to...”

• The Insurance Company Law of 1921, Section 2003(c) (Discrimination Prohibited; terminated agent)

  “(c) For a period twelve (12) months after notice of termination given to an agent: (1) An insurer may not cancel or refuse to renew existing policies written through the terminated agent because of such termination except as provided in paragraph (2). (2) An insurer may cancel or refuse to renew...”

• The Insurance Company Law of 1921, Section 1505(a) (Notice and Prohibited Acts; notice to insureds)

  “Section 1505. Notice and Prohibited Acts.--(a) Every application form for insurance from a risk retention group and every policy issued by a risk retention group shall contain, in ten-point type on the front page and the declaration page, the following notice: NOTICE This policy is issued by your...”

• The Insurance Company Law of 1921, Section 1510(d) (Restrictions on Insurance Purchased by Purchasing Groups)

  “(d) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.”

• The Insurance Company Law of 1921, Section 1808(b) (Assessments)

  “(b) The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year on the kinds of insurance in an account bears to the aggregate net direct written premiums of all member insurers for the preceding...”

• The Insurance Company Law of 1921, Section 506 (Fire Insurance Contract; Standard Policy Provisions -- Suit)

  “Suit--No suit or action on this policy for the recovery of any claim shall be sustainable in any court of law or equity unless all the requirements of this policy shall have been complied with, and unless commenced within twelve months next after inception of the loss.”

• The Insurance Company Law of 1921, Section 1803(b)(1)(i)(A)-(B) (Pennsylvania Property and Casualty Insurance Guaranty Association; payment of covered claims)

  “(A) An amount not exceeding ten thousand ($10,000) dollars per policy for a covered claim for the return of unearned premium. (B) An amount not exceeding three hundred thousand ($300,000) dollars per claimant for all other covered claims.”

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Questions about this source

More Pennsylvania sources

• 18 Pa.C.S. Chapter 41 - Forgery and Fraudulent Practices (§§ 4101 through 4121, 26 sections), including § 4117 Insurance fraudState statute
• 75 Pa.C.S. Chapter 17 - Financial Responsibility, the Pennsylvania Motor Vehicle Financial Responsibility Law (§§ 1701 through 1799.7, 75 sections)State statute
• The Casualty and Surety Rate Regulatory Act (Act of June 11, 1947, P.L. 538, No. 246), complete act (40 P.S. §§ 1181-1199)State statute
• 31 Pa. Code Chapter 113 - Miscellaneous Provisions, including Subchapter G, Increase in Premium and Midterm Cancellation or Nonrenewal of COMMERCIAL Property and Casualty Policies (complete chapter, §§ 113.51 through 113.88)Regulation
• 31 Pa. Code Chapter 145 - Elimination of Unfair Sex or Marital Status Discrimination in All Insurance Contracts (complete chapter, 5 sections, §§ 145.1 through 145.5)Regulation
• 31 Pa. Code Chapter 51 - Advertising of Insurance, General Provisions (complete chapter, 28 sections, §§ 51.1 through 51.61)Regulation
• 31 Pa. Code Chapter 59 - Cancellation and Refusal to Renew of Personal Residential Property and Personal Property Insurance (complete chapter, 14 sections, §§ 59.1 through 59.13)Regulation
• Pennsylvania Property and Casualty Insurance - increase in premium, midterm cancellation and nonrenewal of COMMERCIAL policies (Act of July 3, 1986, P.L. 396, No. 86), complete act (40 P.S. §§ 3401-3409)State statute