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COMMONWEALTH OF PENNSYLVANIA

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31 Pa. Code § 89.52. Policy provision.

§ 89.52. Policy provision.

 (a)  A premium financing arrangement shall be fully set forth and described in the policy, and a copy of a promissory note executed by the insured and an assignment thereof shall be attached to the policy.

 (b)  A copy of an assignment of a promissory note executed by the insured subsequent to the issuance of the policy and copies of additional promissory notes executed by the insured subsequent to the issuance of the policy shall be delivered to the insured for attachment to the policy.

 (c)  The maximum amount of premium financing arrangement which may be entered into in connection with the purchase of the policy shall also be set forth in the policy, and shall be in accordance with reasonable and sound underwriting practices as determined by the company.

Source

   The provisions of this §  89.52 adopted January 20, 1970.


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