Certificate of assumption issuance.

(a) The Insurance Department notifies the life and accident and health insurance industry and the general public that it has required and will continue to require that certificates of assumption be provided to Pennsylvania resident individual and group policyholders and certificate holders of life and accident and health coverages when one insurer assumes the coverage of another insurer.

(b) With respect to credit insurance issued under the Model Act of the Regulation of Credit Life Insurance and Credit Accident and Health Insurance (40 P. S. § § 1007.1—1007.15), and as an alternative to issuing certificates of assumption to certificate holders, an assumption certificate may be issued to the entity to which the insured debtor is indebted if the entity is other than the group policyholder.

(c) The certificate of assumption shall be provided at the time of the assumption of coverage or as soon thereafter as possible.