West Philadelphia Federal Savings & Loan Ass'n v. Safeguard Mutual Insurance

EISEMAN, J.,

We have before us the preliminary objections of defendant to plaintiffs complaint asking for a dismissal of said complaint on the ground that the cause of action is barred by section 502 of The Insurance Department Act of May 17,1921, P. L. 789, as amended, 40 PS §202. The relevant portion of that statute states:

“. . . From the date of such suspension on the ground that the suspended organization is insolvent, *43or is in such condition that its further transaction of business will be hazardous to its policyholders or to its creditors or to the public, no action at law or equity…