Pennsylvania Act 1939-319 — DESIGNATING LIMITED LIFE INSURANCE COMPANIES

Act text

DESIGNATING LIMITED LIFE INSURANCE COMPANIES
                 Act of Jun. 24, 1939, P.L. 685, No. 319              Cl. 40
                                  AN ACT

     Designating certain life insurance companies as limited life
        insurance companies, and further describing the powers
        thereof.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Definition: Limited Life Insurance Companies.--
     All corporations now incorporated or reincorporated under the
     provisions of the act, approved the twenty-eighth day of April,
     one thousand nine hundred three (Pamphlet Laws, three hundred
     twenty-nine), entitled "An act to provide for the incorporation
     and regulation of corporations for the purpose of making
     insurance upon the health of individuals, and against personal
     injury and disablement and death therein; limiting the amount
     for which such corporations may issue policies, and providing
     the manner in which certain existing corporations may become
     reincorporated under this act," or under the provisions of the
     act, approved the twentieth day of April, one thousand nine
     hundred and twenty-seven (Pamphlet Laws, three hundred
     seventeen), entitled "An act authorizing certain existing
     beneficial or protective societies, heretofore incorporated, to
     reincorporate for the purpose of making insurance upon the
     health of individuals and against personal injury and
     disablement and death; regulating such corporations and limiting
     the amount for which corporations may issue policies; and
     imposing a tax on gross premiums of companies reincorporated
     under the provisions of this act," which make insurances against
     death, personal injury and disablement and upon health of
     individuals, are hereby further designated as limited life
     insurance companies.
        Section 2.  Powers.--All limited life insurance companies are
     hereby specifically empowered to issue policies agreeing to pay
     not more than fifty dollars ($50.00) per week in the event of
     disablement from sickness or accident; nor more than one
     thousand dollars ($1,000.00) in the event of death from natural
     causes, nor more than two thousand dollars ($2,000.00) in the
     event of death from accidental causes, and to issue policies of
     endowment insurance subject to the condition hereinafter
     provided, notwithstanding any limitation to the contrary
     established by the act of Assembly pursuant to which such
     corporation shall have been incorporated or reincorporated or by
     any other act of Assembly or by the provisions of its charter.
        Any such company may issue policies agreeing to pay not more
     than one thousand five hundred dollars ($1,500.00) in the event
     of death from natural causes, nor more than double that amount
     in the event of death from accidental causes, provided it has
        (a)  In the case of stock companies, a capital of fifty
     thousand dollars ($50,000.00), and in addition thereto has
     accumulated a surplus in the sum of at least twelve thousand
     five hundred dollars ($12,500.00), or
        (b)  In the case of mutual companies, accumulated a surplus
     in the sum of at least fifty thousand dollars ($50,000.00).
        Any such companies may issue policies of endowment insurance
     agreeing to pay not more than one thousand five hundred dollars
     ($1,500.00) upon maturity thereof, provided it has
        (a)  In the case of stock companies, a capital of one hundred
     thousand dollars ($100,000.000), and in addition thereto, has
     accumulated a surplus in the sum of at least twenty-five
     thousand dollars ($25,000.00), or
        (b)  In the case of mutual companies, accumulated a surplus
     in the sum of at least one hundred thousand dollars
     ($100,000.00).
        Any such company may issue policies agreeing to pay in excess
     of the weekly limitations herein prescribed, but not exceeding
     one hundred five dollars ($105.00) per week and agreeing to pay
     an additional benefit for hospital and medical expenses for any
     one sickness or accident not exceeding three hundred dollars
     ($300.00) in the event of disablement from sickness or accident,
     provided such policies limit payment of benefits to periods
     during which insured shall have been admitted as a patient into
     and as such be necessarily wholly and continuously confined
     within a duly licensed and incorporated hospital, provided it
     has:
        (a)  In the case of stock companies, additional capital of
     twenty-five thousand dollars ($25,000.00), and has accumulated
     additional surplus in the sum of at least twenty-five thousand
     dollars ($25,000.00), or
        (b)  In the case of mutual companies, accumulated additional
     surplus in the sum of at least twenty-five thousand dollars
     ($25,000.00).
        Such additional capital and additional surplus as required by
     clauses (a) and (b) of this paragraph shall be deemed to be
     capital and surplus additional to that required by any of the
     previous paragraphs of this section or by the act under which
     such company was incorporated or reincorporated.
        (2 amended Feb. 3, 1956, 1955 P.L.1004, No.313)
        Section 3.  Effective Date.--This act shall become effective
     immediately upon final enactment.