PRINTER'S NO. 668
No. 622 Session of 2001
INTRODUCED BY BOSCOLA, COSTA, LOGAN, MUSTO, O'PAKE, SCHWARTZ,
WOZNIAK AND STACK, MARCH 13, 2001
REFERRED TO BANKING AND INSURANCE, MARCH 13, 2001
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," requiring stock fire insurance
12 companies to provide coverage for sinkhole damage.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. The act of May 17, 1921 (P.L.682, No.284), known
16 as The Insurance Company Law of 1921, is amended by adding a
17 section to read:
18 Section 509. Sinkhole Coverage.--In addition to other types
19 of insurance currently offered, all stock fire insurance
20 companies doing business in this Commonwealth shall offer to
21 provide coverage against loss or damage caused by the caving in
22 of the surface of the earth due to sinkholes by means of
1 assigned risk joint underwriting or other reasonable and
2 appropriate arrangements.
3 Section 2. The Insurance Commissioner shall adopt
4 regulations necessary to implement the provisions of this act.
5 Section 3. This act shall take effect in 60 days.
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