31 Pa. Code § 90c.22 - Assignment or surrender of existing insurance policies as consideration for the insurance being applied for
If the application contains a statement in the declaration section or elsewhere that existing contracts are being assigned or surrendered as consideration for the insurance being applied for, the company sends a detailed explanation of this arrangement and copies of additional forms used prior to approval of the application. Additionally, the company certifies that there will not be any lapse of coverage under existing insurance until new coverage is issued.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.