Life Insurance in Pennsylvania

Pennsylvania is the sixth most populous state in the U.S., with about 12.5 million people according to the 2005 census. Residents of Pennsylvania hold more than $127 billion in life insurance policies, which are issued by 51 different lenders, including the following which are headquartered in the state: CIGNA, Colonial Penn, Lincoln National and Penn Mutual are all based in or near Philadelphia.

State Insurance Regulation in Pennsylvania

The Commonwealth of Pennsylvania Insurance Department enforces the state's insurance regulations, keeps the insurance marketplace competitive, and regulates the financial solvency of the life insurance companies doing business in the state. For any licensed life insurance company proving itself to be insolvent, the Pennsylvania Life and Health Insurance Guaranty Association guarantees policies at the rate of $100,000 for policies with a cash value and $300,000 for annuity benefit policies.

The Commonwealth of Pennsylvania life insurance regulations are covered by Title 31. The state regulations decree the limitations and requirements of life insurance policies, and also cover the way insurance can be advertised and applied for in the state.

Consumer complaints can be filed through the Department of Insurance by mail, fax or through an online submission form.