Pennsylvania — Statute

1989 – Amendments | Pennsylvania Law

Pennsylvania law mandates a 1989 report on motor vehicle insurance fund solvency, revenue needs, and strategies to eliminate unfunded liabilities within five years.

Legal Content

Pennsylvania State Law

1989 – Amendments

Pennsylvania Title 75 - Vehicles § 1989

Summary

Pennsylvania law requires the Insurance Commissioner and Budget Secretary to submit a report by May 15, 1989, assessing the actuarial soundness of the state's insurance fund related to motor vehicles. The report must include projections of additional revenue needs, recommendations for eliminating unfunded liabilities within five years, and analyses of potential surcharge impacts on different vehicle owners and insurers. It guides strategies for funding and reducing unfunded liabilities over various timeframes.

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Explain Like I'm 5

In simple terms: Pennsylvania law mandates a 1989 report on motor vehicle insurance fund solvency, revenue needs, and strategies to eliminate unfunded liabilities within five years.. This means people must follow this rule, and breaking it can lead to criminal penalties.