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PA Bulletin, Doc. No. 96-875

NOTICES

INSURANCE DEPARTMENT

Limited Liability Companies; Notice 1996-07

[26 Pa.B. 2458]

   Pennsylvania's Business Corporation Law prohibits ''limited liability companies'' from being organized to conduct the business of insurance (15 Pa.C.S. § 8911.(a)). Historically, the Insurance Department has construed this prohibition as preventing limited liability companies from conducting business as an agent or broker, in addition to prohibiting activity as an insurer.

   The Insurance Commissioner has now determined that this law was not designed to prevent insurance agencies or brokers from being incorporated as limited liability companies. Accordingly, the Insurance Department will consider agent and broker applications from limited liability companies, whether resident or nonresident.

   Limited liability companies interested in applying for a certificate of qualification as an agent or for a broker's license in Pennsylvania should contact the Insurance Department's Bureau of Producer Licensing, 13th Floor, Strawberry Square, Harrisburg, PA 17120, telephone (717) 787-3840.

LINDA S. KAISER,   
Insurance Commissioner

[Pa.B. Doc. No. 96-875. Filed for public inspection May 24, 1996, 9:00 a.m.]


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