Pennsylvania § 6305 Initial reserves

Pennsylvania Statutes

§ 6305 — Initial reserves

Pennsylvania § 6305

JurisdictionPennsylvania

Title 40INSURANCE

PartPART III

Ch. 63PROFESSIONAL HEALTH SERVICES PLAN

Subch.PRELIMINARY PROVISIONS AND CERTIFICATION

This text of Pennsylvania § 6305 (Initial reserves) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

40 Pa. Cons. Stat. § 6305 (2026).

Text

No professional health service corporation shall receive a certificate of authority under this chapter unless it has set up a minimum reserve of $25,000 for the exclusive purpose of meeting the contractual obligations of its subscribers. All or any part of such $25,000 may be in the form of borrowed money to be repaid in whole or in part from surplus. Money borrowed to satisfy the requirements of this section may be repaid only when authorized by two-thirds of the board of directors of such corporation in office and the Insurance Department.

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No professional health service corporation shall receive a certificate of authority under this chapter unless it has set up a minimum reserve of $25,000 for the exclusive purpose of meeting the contractual obligations of its subscribers. All or any part of such $25,000 may be in the form of borrowed money to be repaid in whole or in part from surplus. Money borrowed to satisfy the requirements of this section may be repaid only when authorized by two-thirds of the board of directors of such corporation in office and the Insurance Department.