72 Pa. Stat. § 3737
From and after the adoption and approval of this act, it shall be unlawful for any department, bureau, commission, or other branch of the State Government, or any board of trustees, overseers, managers, or other person or persons, or custodians of State property, to purchase, secure, or obtain any policy of insurance on any property owned by the Commonwealth, the term of which policy of insurance shall extend beyond the thirty-first day of December, Anno Domini one thousand nine hundred and twenty, or to purchase, obtain, or secure any such policy of insurance for any amount in excess of the amount of insurance outstanding at the date of the approval of this act, after deducting from such amount twenty per centum thereof for each calendar year which shall have elapsed from and after the thirty-first day of December, Anno Domini one thousand nine hundred and fifteen, to the date of purchasing, securing, or obtaining such policy of insurance: Provided, however, That the Board of Public Grounds and Buildings, or the board of trustees, inspectors, overseers, or managers of any State institution, may, in their discretion, purchase, secure, or obtain policies of insurance covering any loss or damage occurring to any property owned by the Commonwealth arising from boiler explosion: Provided further, That the Department of Revenue may, in its discretion, purchase, secure, or otherwise obtain policies of insurance on currency, moneys, checks, money orders, bank drafts, bills of exchange, notes, and any and all other types of negotiable instruments, and on any stamps used or intended to be used by the Department of Revenue in connection with the levying or collecting of any tax.
72 P.S. § 3737