Pennsylvania SB794 amends insurance law to require municipal certificates for fire loss claims over $18,000 and outlines fund management procedures.

Pennsylvania SB794 modifies the Insurance Company Law of 1921 to mandate that insurance companies, associations, or exchanges cannot pay fire loss claims exceeding $18,000 without a municipal certificate. The bill specifies that 60% of the aggregate limits of liability on all fire policies covering the building or structure should be transferred to the designated officer of the municipality. If the loss exceeds $18,000, the insurance company must transfer $4,000 for each $15,000 of the claim.

Pennsylvania SB794 amends insurance law to require municipal certificates for fire loss claims over $18,000 and outlines fund management procedures.

Pennsylvania SB794 modifies the Insurance Company Law of 1921 to mandate that insurance companies, associations, or exchanges cannot pay fire loss claims exceeding $18,000 without a municipal certificate. The bill specifies that 60% of the aggregate limits of liability on all fire policies covering the building or structure should be transferred to the designated officer of the municipality. If the loss exceeds $18,000, the insurance company must transfer $4,000 for each $15,000 of the claim.