An Act to amend the Life Insurance Act of the District of Columbia approved June 19, 1934, as amended
PL 86-520 (H.R.10964), enacted 06/12/1960

^18 
PUBLIC LAW 86-520-JUNE 12, 1960 
[74 8T A T . 
June 12, 1960 
[H. R. 10964] 
L i f e 
insurance 
companies, 
O. C. 
4 8 ^ t a t . r i 4 3 . 
Public Law 86-520 
AN ACT 
To amend the Life Insurance Act of the District of Columbia approved June 
19, 1934, as amended. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress asserribledy That chapter III 
of the Life Insurance Act, as amended (sec. 35-501, et seq., D.C. Code, 
1951 edition), is amended by adding a new section 41 as follows: 
"SEC. 41. (a) Every domestic life insurance company which issues 
contracts providing for payments which vary directly according to 
investment experience shall establish one or more separate accounts 
in connection with such contracts, as directed by the superintendent. 
All amounts received by the company which are required by contract 
to be applied to provide such variable payments shall be added to the 
appropriate separate account, and the assets of any such separate 
account shall not be chargeable with liabilities arising out of any 
other business the company may conduct. 
Any surplus or deficit 
which may arise in any such separate account by virtue of mortality 
experience shall be adjusted by withdrawals from or additions to such 
account so that the assets of such account shall always equal the assets 
required to satisfy the company's obligations for such variable pay-
ments. 
"(b) A foreign or alien life insurance company authorized to do 
business in the District may be authorized to issue or deliver con-
tracts in the District providing for payments which vary directly 
according to investment experience only if authorized to issue such 
contracts under the laws of its domicile. 
"(c) No domestic life insurance company shall be authorized to 
issue such variable contracts, and no foreign or alien life insurance 
company shall be authorized to issue or deliver such contracts in the 
District, until such company has satisfied the Superintendent that its 
condition and methods of operation in connection with the issuance 
of such variable contracts will not be such as to render its operation 
hazardous to the public or to its policyholders in the District. 
In 
determining the qualification of a company to issue or deliver such 
variable contracts in the District, the Superintendent shall consider, 
among other things, the history and financial condition of the com-
pany ; the character, responsibility, and general fitness of the officers 
and directors of the company; and, in the case of a foreign or alien 
company, whether the regulation provided by the laws of its domicile 
provides a degree of protection to policyholders and the public sub-
stantially equal to that provided by this section and the rules and 
regulations issued by the Superintendent pursuant thereto. 
"(d) Every life insurance company which issues or delivers such 
variable contracts in the District shall file with the Superintendent, 
in addition to the annual statement required by section 8 of the Act of 
June 19, 1934 (48 Stat. 1132; sec. 35^07, D.C. Code, 1951 edition), 
such other periodic or special reports as the Superintendent may pre-
scribe. 
"(e) The provisions of this section shall not apply to any contracts 
which do not provide for payments which vary directly according to 
investment exDerience. 
"(f) The Superintendent shall have the authority to issue such 
reasonable rules and regulations as may be necessary to carry out the 
purposes of this section. 
"(g) In the case of a domestic life insurance company which issues 
contracts providing for payments which vary directly according to 
investment experience— 
Y4 S T A T . ] 
PUBLIC LAW 86-522-JUNE 27, 1960 
219 
''(1) the 2 per centum limitation of clause (1) of subsection 
(7) of section 35 of chapter I I I of the Life Insurance Act, as 
amended (sec. 35-535, D.C. Code, 1951 edition), shall be enlarged 
to include an additional 2 per centum of the assets held by such 
company in the separate account or accounts established pursuant 
to subsection (a) of this section. 
"(2) the 1 per centum limitation of subsection (9) of said 
section 35 shall be enlarged to include an additional 2 per centum 
of the assets held by such company in the separate account or 
accounts established pursuant to subsection (a) of this section. 
"(3) the 1 per centum limitation of subsection (10) of said 
section 35 shall be enlarged to include an additional 2 per centum 
of the assets held by such company in the separate account or 
accounts established pursuant to subsection (a) of this section." 
Approved June 12, 19^0. 
48 Stat. 1.152. 
Public Law 86-521 
AN ACT 
To authorize the Secretary of the Interior to provide a headquarters site for 
Mount Rainier National Park in the general vicinity of Ashford, Washington, 
and for other purposes. 
June 27, 1960 
[S.1358] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That, in order to 
apply the present headquarters site in Mount Rainier National Park 
to public use for which it is more suitable and to provide a head-
quarters for the park, the Secretary of the Interior is authorized to 
provide a park headquarters in the general vicinity of Ashford, Wash-
ington, and for such purpose to acquire in this vicinity, by such means 
as he may deem to be in the public interest, not more than three hun-
dred acres of land, or interest therein. 
SEC. 2. The headquarters site provided i^ursuant to this Act shall 
constitute a part of Mount Rainier National Park and be administered 
in accordance with the laws applicable thereto. 
Approved June 27, 1960. 
Mount R a ii n i e r 
National Park. 
H e a d q u a r t ers 
site. 
Public Law 86-522 
AN ACT 
j ^ , 27. 1960 
To exempt from the District of Columbia income tax compensation paid to 
[s. 2954] 
alien employees by certain international organizations. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of Atnerica in Congress assembled^ That section 2(b) 
of title I I I of the District of Columbia Income and Franchise Tax 
Act of 1947, as amended (D.C. Code sec. 47-1557a), is amended by 
adding at the end thereof the following new paragraph: 
"(16) 
COMPENSATION RECEIVED BY ALIENS FROM CERTAIN INTERNA-
TIONAL ORGANIZATIONS.—In the case of an individual who is not a 
national of the United States, salaries, wages, or compensation for 
personal services rendered as an employee of an international organ-
ization (as defined in section 1 of International Organizations 
Immunities Act (22 U.S.C. sec. 288)) which is entitled to enjoy 
privileges, exemptions, and immunities provided by such Act." 
SEC. 2. The amendment made by this Act shall apply only to 
taxable years beginning after December 31, 1960. 
Approved June 27, 1960. 
D. C , alien em-
ployees. 
Tax exemption. 
61 Stat. 335. 
59 Stat. 669,. 
Effective date.