{"data":{"id":"us-pa/40-pa.c.s.-3501","jurisdiction":"us-pa","citation":"40 Pa.C.S. § 3501","heading":"Definitions.","body":"The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:\n\"Attorney.\" The person that manages and acts as the attorney-in-fact for the reciprocal insurer.\n\"Commissioner.\" The Insurance Commissioner of the Commonwealth.\n\"Department.\" The Insurance Department of the Commonwealth.\n\"Eligible subscriber.\" A subscriber of a reciprocal insurer whose policy is in force on at least one of the following dates:\n(1) the date the reciprocal insurer or its attorney adopts a plan of conversion; or\n(2) if a different date, on the record date for establishing subscribers eligible to vote on the plan of conversion.\n\"Participating policy.\" A policy that grants a holder the right to receive dividends if, as and when declared by the reciprocal insurer.\n\"Person.\" An individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, a similar entity or a combination of the foregoing acting in concert.\n\"Plan of conversion\" or \"plan.\" A plan adopted under this chapter to convert the reciprocal insurer into a stock company by the subscribers' advisory committee or an equivalent governing body of the reciprocal insurer or, in the absence of a governing body, by the board of directors or governing body of the attorney for the reciprocal insurer.\n\"Policy.\" An insurance policy issued by the reciprocal insurer.\n\"Reciprocal insurer.\" A Pennsylvania-domiciled reciprocal and inter-insurance exchange, as established in Article X of the act of May 17, 1921 (P.L.682, No.284), known as The Insurance Company Law of 1921, that is authorized to write medical professional liability insurance and at least 50% of its direct written premium in the calendar year preceding adoption of the plan of conversion consisted of medical professional liability insurance.\n\"Stock company.\" An insurance company that:\n(1) meets the requirements for admission to do business as a domestic Pennsylvania insurer;\n(2) is formed at the direction of the reciprocal insurer or attorney; and\n(3) shall be the successor of the reciprocal insurer by the merger of the reciprocal insurer with and into the stock company or by another means approved by the commissioner.","path":["Title 40 - INSURANCE","PART II REGULATION OF INSURERS AND RELATED PERSONS GENERALLY","CHAPTER 35 MEDICAL PROFESSIONAL LIABILITY RECIPROCAL EXCHANGE-TO-STOCK CONVERSION"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=40\u0026div=0\u0026chpt=35\u0026sctn=1\u0026subsctn=0","current_through":"2024-08-21 (Statute Update stamp, 40 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:33:08Z","sha256":"d9e177b70e1743771688dcfb076fbe8320cffa0cc92daa1760c22c36ab93c2f8","source_id":"us-pa","stale":false,"prev":"us-pa/40-pa.c.s.-3302","next":"us-pa/40-pa.c.s.-3502"},"notice":"GroundRules: Original legal text. Not legal advice."}