Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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31 Pa. Code § 25.1. Definitions.

§ 25.1. Definitions.

 (a)  The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

   Act—The Insurance Company Law of 1921 (40 P. S. § §  341—991.1718).

   Commissioner—The Insurance Commissioner of the Commonwealth.

   Corporation—A corporation organized under a law of the Commonwealth or under the laws of another state, or having an office or transacting business in this Commonwealth.

   Department—The Insurance Department of the Commonwealth.

   Executive officer—A chief executive officer, chief operating officer, chief financial officer, president, treasurer, secretary, controller and other individual performing functions corresponding to those performed by the foregoing officers under whatever title.

   NAIC—The National Association of Insurance Commissioners.

   Surplus—Total assets less total liabilities as calculated and reported in accordance with the annual statement instructions and accounting practices and procedures manual prescribed by the NAIC or as otherwise required by the Commissioner for annual financial statements filed with the Department.

   Ultimate controlling person—A person which is not controlled by another person. An ultimate controlling person may be one or more of the following: individual, corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization, or any similar entity or combination of the foregoing who controls another person.

 (b)  Unless the context otherwise requires, other terms found in this chapter are used as defined in Article XIV of the act (40 P. S. § §  991.1401—991.1413).

Authority

   The provisions of this §  25.1 amended under section 337.8 and Article XIV of The Insurance Company Law of 1921 (40 P. S. § §  459.8 and 991.1401—991.1413).

Source

   The provisions of this §  25.1 amended September 3, 1993, effective September 4, 1993, 23 Pa.B. 4216; amended August 10, 2001, effective August 11, 2001, 31 Pa.B. 4406. Immediately preceding text appears at serial pages (245443) to (245444).



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