Pennsylvania Insurance Industry – Governance, Risk and Compliance
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Pennsylvania Insurance Industry Government Regulation Report Overview
The Pennsylvania insurance industry is regulated mainly by The Pennsylvania Insurance Department (PID). Other bodies that oversee the industry are the IAIS, The National Association of Insurance Commissioners (NAIC), The Federal Insurance Office (FIO), The American Property Casualty Insurance Association (APCIA), The National Association of Mutual Insurance Companies (NAMIC), and the Reinsurance Association of America (RAA).
The Pennsylvania insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · The Pennsylvania Insurance Department (PID)
· International Association of Insurance Supervisors (IAIS) · The National Association of Insurance Commissioners (NAIC) · The Federal Insurance Office (FIO) · The American Property Casualty Insurance Association (APCIA) · The National Association of Mutual Insurance Companies (NAMIC) · The Reinsurance Association of America (RAA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Pennsylvania Insurance Industry – Key Regulators and Legislation
The Pennsylvania Insurance Department (PID): It regulates the insurance industry in Pennsylvania and was established in 1873. The department was reorganized under the Insurance Department Act of May 17, 1921. The main goals of the PID are to promote a competitive and robust marketplace for consumers. It also assures that insurance policies meet standards of high quality, are understandable, and are appropriately priced.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Pennsylvania insurance industry are as follows:
- Insurance Company Law of 1921
- Title 31
- Title 40
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Pennsylvania Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Pennsylvania insurance industry are:
- Motor Third-Party Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Pennsylvania Insurance Industry Analysis by Compulsory Insurances
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Pennsylvania Insurance Industry - Company Registration and Operation
A license is required to operate in the Pennsylvania insurance industry. The Insurance Department Act of 1921 mandates insurers to obtain a license before commencing business operations in the State. Other different types of insurance companies permitted to operate in Pennsylvania are the following:
- Stock life insurance companies.
- Mutual life insurance companies.
- Stock fire, stock marine, and stock fire and marine insurance companies
- Others
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Pennsylvania Insurance Industry - Taxation
The different types of taxes in the Pennsylvania insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Capital Gains Tax: Capital gains obtained by domestic companies on capital assets are treated as ordinary income and are taxed at the applicable corporate income tax rate. Foreign companies are exempt from capital gains tax unless the gain is from the sale of a US real property interest or is connected with the operation of a US trade or business.
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Scope
- The report covers details of the insurance regulatory framework in Pennsylvania.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The insurance industry is regulated by the Pennsylvania Insurance Department.
- Non-admitted insurance is not permitted in the Pennsylvanian insurance industry, with some exceptions.
- Foreign direct investment of up to 100% is permitted in the US insurance industry.
- Insurance companies must be established in the form of stock insurance companies or mutual insurance companies.
- The Risk-Based Capital (RBC) Framework is the current solvency standard applicable in the state.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Pennsylvania.
- Track the latest regulatory changes and expected changes impacting the Pennsylvania insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
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Frequently asked questions
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Who are the key regulators of the Pennsylvania insurance industry?
The Pennsylvania insurance industry is regulated mainly by The Pennsylvania Insurance Department (PID).
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Which other bodies oversee the Pennsylvania insurance industry?
Other bodies that oversee the industry are the IAIS, The National Association of Insurance Commissioners (NAIC), The Federal Insurance Office (FIO), The American Property Casualty Insurance Association (APCIA), The National Association of Mutual Insurance Companies (NAMIC), and the Reinsurance Association of America (RAA).
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What are the compulsory insurances in the Pennsylvania insurance industry?
Some of the key compulsory insurances required within the Pennsylvania insurance industry are motor third-party liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Pennsylvania insurance industry?
The different types of taxes in the Pennsylvania insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value added tax.
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