§ 160.2. Definitions.
In addition to the terms defined in section 503 of the act (40 P.S. § 221.3), the following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Act—The Insurance Department Act of 1921 (40 P.S. § § 1—326.7).
Commissioner—The Insurance Commissioner of the Commonwealth.
Department—The Insurance Department of the Commonwealth.
NAIC—The National Association of Insurance Commissioners or successor organization.
Statutory accounting practices—Practices and procedures prescribed by the Accounting Practices and Procedures Manuals published by the NAIC, or as otherwise prescribed or provided by specific statutes, regulations, orders or rulings of the Commonwealth or the Department.
Surplus—The amount in excess of admitted assets over total liabilities.
Authority The provisions of this § 160.2 amended under sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P.S. § § 66, 186, 411 and 412); sections 5.1 and 10 of the Health Maintenance Organization Act (40 P.S. § § 1555.1 and 1560); and sections 2456 and 2457 of The Insurance Company Law of 1921 (40 P.S. § § 991.2456 and 991.2457).
Source The provisions of this § 160.2 amended November 19, 2010, effective November 20, 2010, 40 Pa.B. 6661. Immediately preceding text appears at serial page (249807).
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