PRINTER'S NO. 2357
No. 1813 Session of 2003
INTRODUCED BY NICKOL, GEORGE, HARPER, HENNESSEY, HORSEY, JAMES,
LEH, R. MILLER, MUNDY, MYERS, PALLONE, SCHRODER, SEMMEL,
E. Z. TAYLOR, TIGUE, WATERS AND YOUNGBLOOD, JULY 7, 2003
REFERRED TO COMMITTEE ON INSURANCE, JULY 7, 2003
AN ACT
1 Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An
2 act relating to insurance; amending, revising, and
3 consolidating the law providing for the incorporation of
4 insurance companies, and the regulation, supervision, and
5 protection of home and foreign insurance companies, Lloyds
6 associations, reciprocal and inter-insurance exchanges, and
7 fire insurance rating bureaus, and the regulation and
8 supervision of insurance carried by such companies,
9 associations, and exchanges, including insurance carried by
10 the State Workmen's Insurance Fund; providing penalties; and
11 repealing existing laws," further defining "renewal" or "to
12 renew."
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. The definition of "renewal" or "to renew" in
16 section 2001 of the act of May 17, 1921 (P.L.682, No.284), known
17 as The Insurance Company Law of 1921, added June 17, 1998
18 (P.L.464, No.68), is amended to read:
19 Section 2001. Definitions.--As used in this article, the
20 following words and phrases shall have the meanings given to
21 them in this section:
22 * * *
1 "Renewal" or "to renew." To issue and deliver at the end of
2 an insurance policy period:
3 (1) a policy which supersedes a policy previously issued and
4 delivered by the same insurer [and which provides], or
5 (2) a certificate or notice extending the term of a policy
6 beyond its policy period or term; either of which has equal
7 types and limits of coverage [at least equal to those contained
8 in the policy being superseded, or to issue and deliver a
9 certificate or notice extending the term of a policy beyond its
10 policy period or term with] types and limits of coverage [at
11 least equal to those contained in the policy being extended:
12 Provided, however, That] in the policy being superseded or
13 extended so long as the commissioner has approved such policy
14 and any endorsement and the insurer discloses such policy
15 differences to the insured no less than sixty (60) days prior to
16 the effective date of the renewal; provided, however that any
17 policy with a policy period or term of less than twelve (12)
18 months or any period with no fixed expiration date shall for the
19 purpose of this article be considered as if written for
20 successive policy periods or terms of twelve (12) months.
21 Section 2. This act shall take effect in 60 days.
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