Source: https://code.dccouncil.us/dc/council/code/titles/31/chapters/7/subchapters/III/
Timestamp: 2019-05-24 23:23:08
Document Index: 143404309

Matched Legal Cases: ['§ 31', '§ 31', '§ 31', '§ 31', '§ 31', '§ 31', '§ 31', '§ 31', '§\u200235', '§\u200235', '§\u20022', '§ 31', '§ 31', '§ 31', '§\u200235', '§ 5', '§ 3', '§\u200235', '§ 31', '§ 31', '§ 6', '§\u200235', '§ 31', '§ 7', '§\u200235', '§ 8', '§\u200235', '§ 9', '§\u200235', '§ 10', '§\u200235', '§ 11', '§\u200235']

D.C. Law Library - Subchapter III. Reciprocal Insurance Company Conversion.
Chapter 8. Insurance Agents and Brokers Licensing. [Repealed].
§ 31–751. Definitions.
§ 31–755. Insurers rehabilitation and liquidation.
§ 31–756. Applicability; membership interest; powers.
§ 31–757. Failure to give notice.
§ 31–758. Limitations of actions.
§ 31–759. Conversion of mutual insurance holding company.
§ 31–760. Rulemaking.
(1) “Reciprocal insurance company” includes an interinsurance exchange but shall not include a risk retention group as defined in § 31-4101(12).
(2) “Voting shares” means shares entitling the holder to vote for the election of directors of the issuer except that shares which can be voted only in the case of the occurrence of an event or an extraordinary action are not voting shares.
1981 Ed., § 35-3741.
For temporary addition of this subchapter, comprised of §§ 35-3741 through 35-3750 1981 Ed. see §§ 2-11 of the Reciprocal Insurance Company Conversion Emergency Amendment Act of 1998 (D.C. Act 12-298, March 4, 1998, 45 DCR 1775).
(b) The Commissioner, after a public hearing as provided in § 31-703(g)(1), if satisfied that the interests of the policyholders are properly protected and that the conversion plan is fair and equitable to the policyholders, shall approve the proposed conversion plan and may require as a condition of approval such modifications of the proposed conversion plan as the Commissioner finds necessary for the protection of the policyholders’ interests. The Commissioner may retain consultants as provided in § 31-703(g)(3). A conversion pursuant to this section shall be subject to § 31-703(a), (b), and (c). The Commissioner shall retain jurisdiction over a mutual insurance holding company organized pursuant to this section to assure that policyholder interests are protected.
1981 Ed., § 35-3742.
A mutual insurance holding company resulting from a conversion of a domestic reciprocal insurance company shall be incorporated pursuant to Chapter 3 of Title 29 and shall be subject to Chapters 1, 2, and 3 of Title 29 to the extent that those provisions are not in conflict with this subchapter. The articles of incorporation and any amendments to such articles of incorporation of the mutual insurance holding company shall be subject to approval of the Commissioner and Corporation Counsel of the District in the same manner as those of an insurance company.
(May 12, 1998, D.C. Law 12-112, § 5, 45 DCR 1792; July 2, 2011, D.C. Law 18-378, § 3(u), 58 DCR 1720.)
1981 Ed., § 35-3744.
D.C. Law 18-378 substituted “Chapter 3 of Title 29 and shall be subject to Chapters 1, 2, and 3 of Title 29” for “Chapter 1 of Title 29 (’Business Corporation Act’), and shall be subject to the provisions of the Business Corporation Act”.
(a) A mutual insurance holding company shall be deemed to be an insurer subject to Chapter 13 of this title (“Insurers Rehabilitation and Liquidation Act”), and shall automatically be a party to any proceeding under the Insurers Rehabilitation and Liquidation Act involving an insurance company, which as a result of a conversion or merger pursuant to § 31-702 or § 31-703 is directly or indirectly a subsidiary of the mutual insurance holding company. In any proceeding under the Insurers Rehabilitation and Liquidation Act involving the converted or merged insurance company, the assets of the mutual insurance holding company shall be deemed to be assets of the estate of the converted or merged insurance company for purposes of satisfying the claims of the converted or merged insurance company’s policyholders.
(b) A mutual insurance holding company shall not dissolve or liquidate without the approval of the Commissioner or as ordered by a District of Columbia court pursuant to the Insurers Rehabilitation and Liquidation Act.
(May 12, 1998, D.C. Law 12-112, § 6, 45 DCR 1792.)
1981 Ed., § 35-3745.
(a) A membership interest in a mutual insurance holding company shall not constitute an equity security as defined in § 31-603.
(b) A mutual insurance holding company created under this subchapter shall have the same powers to borrow or assume liability as a reciprocal insurance company organized under District law.
(May 12, 1998, D.C. Law 12-112, § 7, 45 DCR 1792.)
1981 Ed., § 35-3746.
If the reciprocal insurance company complies substantially and in good faith with the notice requirements of this subchapter, the reciprocal insurance company’s failure to give any member or members any required notice shall not impair the validity of any action taken under this subchapter.
(May 12, 1998, D.C. Law 12-112, § 8, 45 DCR 1792.)
1981 Ed., § 35-3747.
Any action challenging the validity of, or arising out of acts taken or proposed to be taken under, this subchapter shall be commenced within 30 days after the effective date of any plan submitted for approval pursuant to this subchapter.
(May 12, 1998, D.C. Law 12-112, § 9, 45 DCR 1792.)
1981 Ed., § 35-3748.
Chapter 9 of this title shall be applicable to the conversion of a mutual insurance holding company formed under this subchapter to a stock company as if the mutual insurance holding company were a mutual insurance company.
(May 12, 1998, D.C. Law 12-112, § 10, 45 DCR 1792.)
1981 Ed., § 35-3749.
The Mayor, pursuant to subchapter I of Chapter 5 of Title 2 may issue rules and regulations to implement the provisions of this subchapter.
(May 12, 1998, D.C. Law 12-112, § 11, 45 DCR 1792.)
1981 Ed., § 35-3750.