reglab/housing_qa huggingface dataset:
DC Code § 31-910 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 9 - Insurance Demutualization|§ 31-910. Rights of members whose policies are issued after adoption of the plan and before its effective date

(a) All members whose policies are issued after the proposed plan has been adopted by the board of directors and before the effective date of the plan shall be given written notice of the plan of conversion. The notice shall specify the member’s right to terminate that policy as provided in subsection (b) of this section within 30 days after the effective date of the plan. A copy of the plan or a summary of the plan shall accompany the notice. The form of the notice shall be filed with and approved by the Commissioner. (b) Any member entitled to receive the notice described in subsection (a) of this section shall be entitled to terminate his or her policy and receive a pro rata refund of any amounts paid for the policy or contract within 15 days after receipt of the notice.  (May 24, 1996, D.C. Law 11-126, § 11, 43 DCR 1551; Mar. 24, 1998, D.C. Law 12-81, § 43(i), 45 DCR 745; Apr. 3, 2001, D.C. Law 13-214, § 2(f), 47 DCR 9580.)  Prior Codifications 1981 Ed., § 35-4210. Section References This section is referenced in § 31-901 and § 31-903. Effect of Amendments D.C. Law 13-214, in subsec. (a), substituted “terminate” for “rescind”, and substituted “30” for “45”; and rewrote subsec. (b) which had read: “(b) Any member entitled to receive the notice described in subsection (a) of this section shall be entitled to rescind his or her policy and receive a full refund of any amounts paid for the policy or contract within 10 days after the receipt of the notice.”
DC Code § 31-911 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 9 - Insurance Demutualization|§ 31-911. Corporate existence

(a) Upon the conversion of a mutual company to a converted stock company according to provisions of this chapter, the corporate existence of the mutual company shall be continued in the converted stock company. All the rights, franchises, and interest of the mutual company in and to every type of property, real, personal, and mixed, and things in action thereunto belonging, is deemed transferred to and vested in the converted stock company without any deed or transfer. Simultaneously, the converted stock company is deemed to have assumed all the obligations and liabilities of the mutual company. (b) The directors and officers of the mutual company, unless otherwise specified in the plan of conversion, shall serve as directors and officers of the converted stock company until new directors and officers of the converted stock company are duly elected pursuant to the articles of incorporation and bylaws of the converted stock company.  (May 24, 1996, D.C. Law 11-126, § 12, 43 DCR 1551.)  Prior Codifications 1981 Ed., § 35-4211.
DC Code § 31-912 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 9 - Insurance Demutualization|§ 31-912. Conflict of interest

No director, officer, agent, or employee of the mutual company, or any other person, shall receive any fee, commission, or other valuable consideration, other than his or her usual regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the Commissioner. This provision does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, and actuaries for services performed in the independent practice of their professions, even if the attorney, accountant, or actuary is also a director of the mutual company.  (May 24, 1996, D.C. Law 11-126, § 13, 43 DCR 1551; Mar. 24, 1998, D.C. Law 12-81, § 43(j), 45 DCR 745.)  Prior Codifications 1981 Ed., § 35-4212.
DC Code § 31-913 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 9 - Insurance Demutualization|§ 31-913. Costs and expenses

All costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company from the proceeds of the offering; provided, that if the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(h), the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.  (May 24, 1996, D.C. Law 11-126, § 14, 43 DCR 1551; Apr. 3, 2001, D.C. Law 13-214, § 2(g), 47 DCR 9580.)  Prior Codifications 1981 Ed., § 35-4213. Effect of Amendments D.C. Law 13-214 rewrote the section which had read: “All the costs and expenses connected with a plan of conversion shall be paid for or reimbursed by the mutual company or the converted stock company except where the plan provides either for a holding company to acquire the stock of the converted stock company or for the merger of the mutual company into a stock insurance company as provided in § 31-906(e). In those cases, the acquiring holding company or the stock insurance company shall pay for or reimburse all the costs and expenses connected with the plan.”
DC Code § 31-914 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 9 - Insurance Demutualization|§ 31-914. Failure to give notice

If the mutual company complies substantially and in good faith with the notice requirements of this chapter, the mutual company’s failure to give any member or members any required notice does not impair the validity of any action taken under this chapter.  (May 24, 1996, D.C. Law 11-126, § 15, 43 DCR 1551.)  Prior Codifications 1981 Ed., § 35-4214.
DC Code § 31-915 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 9 - Insurance Demutualization|§ 31-915. Limitation of actions

Any action challenging the validity of or arising out of acts taken or proposed to be taken under this chapter shall be commenced within 30 days after the effective date of the plan.  (May 24, 1996, D.C. Law 11-126, § 16, 43 DCR 1551.)  Prior Codifications 1981 Ed., § 35-4215.
DC Code § 31-1001 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 10 - Insurance Industry Material Transactions Disclosures|§ 31-1001. Report requirement

(a) Every insurer domiciled in the District of Columbia shall file a report with the Commissioner of the Department of Insurance, Securities, and Banking (“Commissioner”) disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements that have been submitted to the Commissioner for review, approval, or information purposes pursuant to other provisions of the insurance code, laws, regulations, or other requirements. (b) The report required in subsection (a) of this section is due within 15 days after the end of the calendar month in which any of the transactions enumerated in subsection (a) of this section occur. (c) One complete copy of the report, including any exhibits or other attachments, shall be filed with: (1) The insurance department of the insurer’s state of domicile; and (2) The National Association of Insurance Commissioners. (d) Repealed.  (May 24, 1996, D.C. Law 11-123, § 2, 43 DCR 1542; Mar. 24, 1998, D.C. Law 12-81, § 42(a), 45 DCR 745; Oct. 21, 2000, D.C. Law 13-191, § 6(a), 47 DCR 7311; Apr. 13, 2005, D.C. Law 15-354, § 42, 52 DCR 2638.)  Prior Codifications 1981 Ed., § 35-4101. Section References This section is referenced in § 31-1002 and § 31-1003. Effect of Amendments D.C. Law 13-191 repealed subsec. (d) providing: “(d) All reports obtained by or disclosed to the Commissioner pursuant to this chapter shall be given confidential treatment and shall not be subject to subpoena, shall not be subject to disclosure under subchapter II of Chapter 15 of Title 1 1981 Ed., and shall not be made public by the Commissioner, the National Association of Insurance Commissioners, or any other person except to insurance departments of other states, without the prior written consent of the insurer to which it pertains, unless the Commissioner, after giving the insurer who would be affected notice and an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication thereof, in which event the Commissioner may publish all or any part in the manner the Commissioner may deem appropriate.” D.C. Law 15-354, in subsec. (a), substituted “of the Department of Insurance, Securities, and Banking” for “of Insurance and Securities”.
DC Code § 31-1002 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 10 - Insurance Industry Material Transactions Disclosures|§ 31-1002. Acquisition and disposition of assets

(a) No acquisition or disposition of assets need be reported pursuant to § 31-1001 if the acquisitions or dispositions are not material. For purposes of this chapter, a material acquisition (or the aggregate of any series of related acquisitions during any 30-day period) or disposition (or the aggregate of any series of related dispositions during any 30-day period) is one that is nonrecurring and not in the ordinary course of business and involves more than 5% of the reporting insurer’s total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer’s state of domicile. (b)(1) Asset acquisitions subject to this chapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose. (2) Asset dispositions subject to this chapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction, or other disposition. (c) The following information is required to be disclosed in any report of a material acquisition or disposition of assets: (1) Date of the transaction; (2) Manner of acquisition or disposition; (3) Description of the assets involved; (4) Nature and amount of the consideration given or received; (5) Purpose of, or reason for, the transaction; (6) Manner by which the amount of consideration was determined; (7) Gain or loss recognized or realized as a result of the transaction; and (8) Names of the persons from whom the assets were acquired or to whom they were disposed. (d) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or 100% reinsurance agreement that affects the solvency and integrity of the insurer’s reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if: (1) The insurer has less than $1,000,000 total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement; and (2) The net income of the business not subject to the pooling arrangement represents less than 5% of the insurer’s capital and surplus.  (May 24, 1996, D.C. Law 11-123, § 3, 43 DCR 1542.)  Prior Codifications 1981 Ed., § 35-4102.
DC Code § 31-1101 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1101. Applicability of provisions

The provisions of this chapter shall not apply with respect to: (1) Any insurance company licensed to do business in the District; (2) Any banking institution, trust, loan, mortgage, safe deposit, or title company, building association, credit union, moneylenders, or common trust fund authorized to do business in the District; (3) The inclusion of a charge for insurance in connection with an installment sale of a motor vehicle make in accordance with Chapter 6 of Title 50; or (4) The financing of insurance premiums in the District in accordance with the provisions of §§ 28-3301 and 28-3302 relating to rates of interest.  (Oct. 9, 1940, ch. 792, ch. III, § 51; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1.)  Prior Codifications 1981 Ed., § 35-1551. 1973 Ed., § 35-1361.
DC Code § 31-1102 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1102. Definitions

For the purposes of this chapter: (1) The term “insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements. (2) The term “premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract together with a service charge as authorized and limited by this chapter. (3) The term “licensee” means a premium finance company holding a license issued by the Commissioner under this chapter.  (Oct. 9, 1940, ch. 792, ch. III, § 52; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 29(d), 45 DCR 745.)  Prior Codifications 1981 Ed., § 35-1552. 1973 Ed., § 35-1362. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
DC Code § 31-1103 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1103. Licenses — Persons required to obtain; fees; other requirements

(a) No person shall engage in the business of financing insurance premiums in the District without first having obtained a license as a premium finance company from the Commissioner. Any person who shall engage in the business of financing insurance premiums in the District without obtaining a license as provided hereunder shall, upon conviction in the Superior Court of the District of Columbia, be guilty of a misdemeanor and shall be subject to the penalties in § 31-2502.42. (b) The annual license fee shall be $150. Licenses may be renewed from year to year as of the 1st day of May of each year upon payment of the fee of $150. The fee for said license shall be paid through the Commissioner to the District of Columbia Treasurer. (c) The person to whom the license or the renewal thereof may be issued shall file sworn answers, subject to the penalties of perjury, to such interrogatories as the Commissioner may require. The Commissioner shall have authority, at any time, to require the applicant fully to disclose the identity of all stockholders, partners, officers, and employees and he may, in his discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if he is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant’s conduct meets the standards of this chapter. (d) Any license issued pursuant to this section shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of Title 47.  (Oct. 9, 1940, ch. 792, ch. III, § 53; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; July 29, 1970, 84 Stat. 570, Pub. L. 91-358, title I, § 155(a); June 14, 1994, D.C. Law 10-128, § 403(b), 41 DCR 2096; May 21, 1997, D.C. Law 11-268, § 10(r)(3), 44 DCR 1730; Apr. 20, 1999, D.C. Law 12-261, § 2003(ii), 46 DCR 3142; Oct. 28, 2003, D.C. Law 15-38, § 3(v), 50 DCR 6913.)  Prior Codifications 1981 Ed., § 35-1553. 1973 Ed., § 35-1363. Effect of Amendments D.C. Law 15-38, in subsec. (d), substituted “Financial Services endorsement to a basic business license under the basic” for “Class A Financial Services endorsement to a master business license under the master”. Emergency Legislation For temporary (90 day) amendment of section, see § 3(v) of Streamlining Regulation Emergency Act of 2003 (D.C. Act 15-145, August 11, 2003, 50 DCR 6896). Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
DC Code § 31-1104 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1104. Licenses — Issuance or renewal

(a) Upon the filing of an application and the payment of the license fee the Commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the Commissioner does not so find, he shall, within 30 days after he has received such application, at the request of the applicant, give the applicant a full hearing. (b) The Commissioner shall issue or renew a license as may be applied for when he is satisfied that the person to be licensed: (1) Is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for; (2) Has a good business reputation and has had experience, training, or education so as to be qualified in the business for which the license is applied for; and (3) If a corporation, is a corporation incorporated under the laws of the District or a foreign corporation authorized to transact business in the District.  (Oct. 9, 1940, ch. 792, ch. III, § 54; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 29(e), 45 DCR 745.)  Prior Codifications 1981 Ed., § 35-1554. 1973 Ed., § 35-1554. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
DC Code § 31-1105 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1105. Licenses — Revocation, suspension or refusal to renew; penalty in lieu of revocation or suspension; right of applicant or licensee to administrative or judicial hearing

(a) The Commissioner may revoke or suspend the license of any premium finance company when and if after investigation it appears to the Commissioner that: (1) Any license issued to such company was obtained by fraud; (2) There was any misrepresentation in the application for the license; (3) The holder of such license has otherwise shown himself untrustworthy or incompetent to act as a premium finance company; (4) Such company has violated any of the provisions of this chapter; or (5) Such company has been rebating part of the service charge as allowed and permitted herein to any insurance agent or any employee of an insurance agent or to any other person as an inducement to the financing of any insurance policy with the premium finance company. (b) Before the Commissioner shall revoke, suspend, or refuse to renew the license of any premium finance company, he shall give to such person an opportunity to be fully heard and to introduce evidence in his behalf. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as herein provided, the Commissioner may subject such company to a penalty of not more than $200 for each offense when in his judgment he finds that the public interest would not be harmed by the continued operation of such company. The amount of any such penalty shall be paid by such company through the office of the Commissioner to the District of Columbia Treasurer. At any hearing provided by this section, the Commissioner shall have authority to administer oaths to witnesses. Anyone testifying falsely, after having been administered such oath, shall be subject to the penalty of perjury. (c) If the Commissioner refuses to issue or renew any license or if any applicant or licensee is aggrieved by any action of the Commissioner, said applicant or licensee shall have the right to a hearing and court proceeding as provided for in §§ 31-2502.35 [repealed], 31-2502.43 [repealed] and 31-2502.44 [repealed].  (Oct. 9, 1940, ch. 792, ch. III, § 55; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; May 21, 1997, D.C. Law 11-268, § 10(r)(3), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-1555. 1973 Ed., § 35-1365. Section References This section is referenced in § 31-2231.17. Cross References Administrative procedure, see § 2-501 et seq. Judicial review, see §§ 2-510 and 11-722. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
DC Code § 31-1106 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1106. Records

(a) Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the Commissioner. The Commissioner may at any time require any licensee to bring such records as he may direct to the Commissioner’s office for examination. (b) Every licensee shall preserve its records of such premium finance transactions, including cards used in a card system, for at least 3 years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic form shall constitute compliance with this requirement.  (Oct. 9, 1940, ch. 792, ch. III, § 56; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; May 21, 1997, D.C. Law 11-268, § 10(r)(3), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-1556. 1973 Ed., § 35-1366. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
DC Code § 31-1107 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1107. Rules and regulations

The Commissioner shall have authority to make and enforce such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this chapter.  (Oct. 9, 1940, ch. 792, ch. III, § 57; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; May 21, 1997, D.C. Law 11-268, § 10(r)(3), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-1557. 1973 Ed., § 35-1367. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
DC Code § 31-1108 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 11 - Insurance Premium Finance Companies|§ 31-1108. Form and contents of agreements

(a) A premium finance agreement shall: (1) Be dated, signed by or on behalf of the insured, and the printed portion thereof shall be in at least 8-point type; (2) Contain the name and place of business of the insurance agent negotiating the related insurance contract, the name and residence or the place of business of the premium finance company to which payments are to be made, a description of the insurance contracts involved and the amount of the premium therefor; and (3) Set forth the following items where applicable: (A) The total amount of the premiums; (B) The amount of the downpayment; (C) The principal balance (the difference between subparagraphs (A) and (B) of this paragraph); (D) The amount of the service charge; (E) The balance payable by the insured (sum of subparagraphs (C) and (D) of this paragraph); and (F) The number of installments required, the amount of each installment expressed in dollars, and the due date or period thereof. (b) The items set out in subsection (a)(3) of this section need not be stated in the sequence or order in which they appear in such paragraph, and additional items may be included to explain the computations made in determining the amount to be paid by the insured.  (Oct. 9, 1940, ch. 792, ch. III, § 58; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1.)  Prior Codifications 1981 Ed., § 35-1558. 1973 Ed., § 35-1368.