Determination of Appropriate Groupwide Supervisor
[50 Pa.B. 1485]
[Saturday, March 7, 2020]
This notice is to update the Insurance Department (Department) notice of October 20, 2012, that announced the Department determined it is the appropriate groupwide supervisor for the Ace Group of Companies (Ace Group). In 2016 the Ace Group acquired Chubb and the resulting group name became the Chubb Group of Companies (Chubb Group). The purpose of this notice is to update the Ace Group name change and to announce that the Department continues as the groupwide supervisor.
Under section 1406.2(c) of The Insurance Company Law of 1921 (act) (40 P.S. § 991.1406b(c)), the Department, in cooperation with other supervisors, may determine that it is the appropriate groupwide supervisor for an international insurance group with substantial operations concentrated in this Commonwealth or in insurance operations conducted by subsidiary insurance companies domiciled in this Commonwealth where the ultimate controlling person is domiciled outside this Commonwealth.
In cooperation with other supervisory regulators, the Department has determined that it is the appropriate groupwide supervisor for the Chubb Group. The ultimate controlling person of Chubb Group is Chubb Limited, the Swiss-incorporated holding company of Chubb Group. Chubb Group has substantial operations in this Commonwealth. Additionally, this Commonwealth is the state of domicile for ACE American Insurance Company (NAIC No. 22667), the lead company in the ACE American Pool, which includes the following Commonwealth domestic companies:
• ACE Property and Casualty Insurance Company (NAIC No. 20699)
• ACE Fire Underwriters Insurance Company (NAIC No. 20702)
• Pacific Employers Insurance Company (NAIC No. 22748)
• Insurance Company of North America (NAIC No. 22713)
• Bankers Standard Insurance Company (NAIC No. 18279)
• Indemnity Insurance Company of North America (NAIC No. 43575)
In addition, Century Indemnity Company (NAIC No. 20710), a run-off operation, Westchester Fire Insurance Company (NAIC No. 10030) and Penn Millers Insurance Company (NAIC No. 14982) are domiciled in this Commonwealth.
Accordingly, this notice shall serve as publication by the Department under section 1406.2(d) of the act, which requires the Department to publish in the Pennsylvania Bulletin and on its web site the identity of international insurance groups that it has determined are subject to its groupwide supervision. This notice will also be available on the Department's web site at https://www.insurance.pa.gov/companies/doingbusiness/pages/ace.aspx.
Questions regarding this notice should be directed to Joseph DiMemmo, Deputy Insurance Commissioner, Insurance Department, 1345 Strawberry Square, Harrisburg, PA 17120, (717) 783-2142.
JESSICA K. ALTMAN,
[Pa.B. Doc. No. 20-362. Filed for public inspection March 6, 2020, 9:00 a.m.]
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Bulletin full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.