Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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31 Pa. Code § 25.20. Disclaimers and termination of registration.

§ 25.20. Disclaimers and termination of registration.

 (a)  A disclaimer of affiliation under section 1404(k) of the act (40 P. S. §  991.1404(k)) or a request for termination of registration under section 1404(g) of the act claiming that a person does not, or will not upon the taking of some proposed action, control another person, referred to as the ‘‘subject,’’ within this subsection, must contain the following information:

   (1)  The number of authorized, issued and outstanding voting securities of the subject.

   (2)  With respect to the person whose control is denied and the affiliates of that person, the number and percentage of shares of the subject’s votes that shareholders would be entitled to cast in the election of directors which are held of record or known to be beneficially owned, and the number of the shares concerning which there is a right to acquire, directly or indirectly.

   (3)  The material relationships and bases for affiliation between the subject and the person whose control is denied and the affiliates of that person.

   (4)  A statement explaining why the person should not be considered to control the subject along with supporting information.

 (b)  A request for termination of registration shall be deemed to have been granted unless the Department, within 30 days after receipt of the request, notifies the registrant otherwise.

Authority

   The provisions of this §  25.20 issued under Article XIV of The Insurance Company Law of 1921 (40 P. S. § §  991.1401—991.1413); 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); and sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P. S. § §  66, 186, 411 and 412).

Source

   The provisions of this §  25.20 adopted September 3, 1993, effective September 4, 1993, 23 Pa.B. 4216; amended August 10, 2001, effective August 11, 2001, 31 Pa.B. 4406; amended May 16, 2014, effective June 16, 2014, 44 Pa.B. 2851. Immediately preceding text appears at serial page (281689).



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