P&CPennsylvaniamedium
Under PA's Insurance Holding Companies Act (40 P.S. § 991.1401+), what must a person do before acquiring control of a PA-domiciled insurer?
ANotify only the insurer's board and the SEC, which fully satisfies the PA statutory pre-acquisition review requirement without any PID filing or hearing
File a Form A statement and obtain PID approval
CSubmit a Form 10-K to the IRS
DFile a private letter ruling with the NAIC
Why this is the answer
Under the PA Insurance Holding Companies Act (40 P.S. § 991.1401+), any person seeking to acquire 10% or more of a PA-domiciled insurer must file a Form A acquisition statement with PID and obtain Commissioner approval after a hearing. SEC notice, IRS filings, and NAIC letter rulings do not substitute for PA's statutory pre-acquisition review, which protects PA policyholders from harmful changes of control.
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