reglab/housing_qa huggingface dataset:
DC Code § 31-752 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-752. Formation of a mutual insurance holding company from a reciprocal insurance company

(a) Upon approval of the Commissioner, a domestic reciprocal insurance company may form a mutual insurance holding company that directly or indirectly owns the insurance company, based upon a conversion plan. The reorganized insurance company shall continue, without interruption, its existence as a stock insurance company subsidiary of the mutual insurance holding company or as a stock insurance company subsidiary to an intermediate holding company which is a subsidiary of the mutual insurance holding company. (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. (c) All of the initial shares of the capital stock of the reorganized insurance company shall be issued to the mutual insurance holding company. The membership interests of the policyholders of the reorganized insurance company shall become membership interests in the mutual insurance holding company. (d) Policyholders of the reorganized insurance company shall be members of the mutual insurance holding company in accordance with the articles of incorporation and bylaws of the mutual insurance holding company. The mutual insurance holding company shall at all times own a majority of the voting shares of the capital stock of the reorganized insurance company.  (May 12, 1998, D.C. Law 12-112, § 3, 45 DCR 1792.)  Prior Codifications 1981 Ed., § 35-3742. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-753 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-753. Merger of policyholder membership interests

(a) Upon approval of the Commissioner, a domestic or foreign reciprocal or mutual insurance company may merge its policyholders’ membership interests into a mutual insurance holding company formed pursuant to this section and continue, without interruption, the existence of the insurance company as a stock insurance company subsidiary of the mutual insurance holding company or as a stock insurance company subsidiary of an intermediate holding company which is a subsidiary of the mutual insurance holding company. (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 merger is fair and equitable to the policyholders, shall approve the proposed merger and may require as a condition of approval such modifications of the proposed merger 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 merger pursuant to this section shall be subject to § 31-703(a), (b), and (c). The Commissioner shall retain jurisdiction over the mutual insurance holding company organized pursuant to this section to assure that policyholder interests are protected. (c) All of the initial shares of the capital stock of the reorganized insurance company shall be issued to the mutual insurance holding company. The membership interests of the policyholders of the reorganized insurance company shall become membership interests in the mutual insurance holding company. (d) Policyholders of the reorganized insurance company shall be members of the mutual insurance holding company in accordance with the articles of incorporation and bylaws of the mutual insurance holding company. The mutual insurance holding company shall at all times directly or indirectly own a majority of the voting shares of the capital stock of the reorganized insurance company. A merger of policyholders’ membership interests in a reciprocal or mutual insurance company into a mutual insurance holding company shall be deemed to be a merger of insurance companies pursuant to § 31-703 which shall be applicable.  (May 12, 1998, D.C. Law 12-112, § 4, 45 DCR 1792.)  Prior Codifications 1981 Ed., § 35-3743. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-754 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-754. Incorporation of holding company

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.)  Prior Codifications 1981 Ed., § 35-3744. Effect of Amendments 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”. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-755 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-755. Insurers rehabilitation and liquidation

(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.)  Prior Codifications 1981 Ed., § 35-3745. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-756 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-756. Applicability; membership interest; powers

(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.)  Prior Codifications 1981 Ed., § 35-3746. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-757 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-757. Failure to give notice

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.)  Prior Codifications 1981 Ed., § 35-3747. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-758 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-758. Limitations of actions

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.)  Prior Codifications 1981 Ed., § 35-3748. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-759 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-759. Conversion of mutual insurance holding company

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.)  Prior Codifications 1981 Ed., § 35-3749. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-760 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 7 - Holding Companies|Subchapter III - Reciprocal Insurance Company Conversion|§ 31-760. Rulemaking

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.)  Prior Codifications 1981 Ed., § 35-3750. Emergency Legislation See Historical and Statutory Notes following § 31-751.
DC Code § 31-1371.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter I - General Provisions|§ 31-1371.01. Application

This chapter shall apply only to investments and investment practices of domestic insurers and United States branches of non-U.S. insurers that are authorized to use the District of Columbia as a state of entry to transact insurance through its United States branch under § 31-2202. This chapter shall not apply to separate accounts of an insurer pertaining to variable or modified guaranteed contracts.  (Apr. 11, 2003, D.C. Law 14-297, § 101, 50 DCR 330.)  Section References This section is referenced in § 31-1372.01, § 31-3931.07, and § 31-5031.07.
DC Code § 31-1371.04 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter I - General Provisions|§ 31-1371.04. Authorization of investments by the board of directors

(a) An insurer’s board of directors shall adopt a written plan for acquiring and holding investments and for engaging in investment practices that specifies guidelines as to the quality, maturity, and diversification of investments and other specifications, including investment strategies intended to assure that the investments and investment practices are appropriate for the business conducted by the insurer, its liquidity needs, and its capital and surplus. The board of directors shall review and assess the insurer’s technical investment and administrative capabilities and expertise before adopting a written plan concerning an investment strategy or investment practice. (b) Investments acquired and held under this chapter shall be acquired and held under the supervision and direction of the board of directors of the insurer. The board of directors shall evidence by formal resolution, at least annually, that it has determined whether all investments have been made in accordance with delegations, standards, limitations, and investment objectives prescribed by the board of directors or a committee of the board of directors charged with the responsibility to direct its investments. (c) On no less than a quarterly basis, and more often if considered appropriate, an insurer’s board of directors, or committee of the board of directors, shall: (1) Receive and review a summary report on the insurer’s investment portfolio, its investment activities, and investment practices engaged in under delegated authority, to determine whether the investment activity of the insurer is consistent with its written plan; and (2) Review and revise, as appropriate, the written plan. (d) In discharging its duties under this section, the board of directors shall require that records of an authorization or approval, other documentation as the board of directors may require, and the report of an action taken under authority delegated under the plan referred to in subsection (a) of this section shall be made available on a regular basis to the board of directors. (e) In discharging their duties under this section, the directors of an insurer shall perform their duties in good faith and with that degree of care that ordinarily prudent individuals in like positions would use under similar circumstances. (f) If an insurer does not have a board of directors, all references to the board of directors in this chapter shall refer to the governing body of the insurer having authority equivalent to that of a board of directors.  (Apr. 11, 2003, D.C. Law 14-297, § 104, 50 DCR 330.)  Section References This section is referenced in § 31-1371.03, § 31-1372.08, and § 31-1373.09.
DC Code § 31-1371.05 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter I - General Provisions|§ 31-1371.05. Prohibited investments

(a) An insurer shall not, directly or indirectly: (1) Invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer, except as provided in § 31-1371.06; (2) Invest in an obligation or security, make a guarantee for the benefit of or in favor of, or make other investments in a business entity of which 10% or more of the voting securities or equity interests are owned, directly or indirectly, by or for the benefit of one or more officers or directors of the insurer, except as authorized in § 31-701, or provided in § 31-1371.06; (3) Engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitions of this chapter; (4) Invest in a partnership as a general partner; provided, that an insurer may make an investment as a general partner: (A) If all other partners in the partnership are subsidiaries of the insurer; (B) For the purpose of: (i) Meeting cash calls committed to prior to April 11, 2003; (ii) Completing those specific projects or activities of the partnership in which the insurer was a general partner as of April 11, 2003, that had been undertaken as of that date; or (iii) Making capital improvements to property owned by the partnership on April 11, 2003, if the insurer was a general partner as of that date; or (C) In accordance with § 31-1371.03(c); or (5) Invest in or lend its funds upon the security of shares of its own stock, except that an insurer may acquire shares of its own stock, which shall not be admitted assets of the insurer for the following purposes: (A) Conversion of a stock insurer into a mutual or reciprocal insurer or a mutual or reciprocal insurer into a stock insurer; (B) Issuance to the insurer’s officers, employees, or agents in connection with a plan approved by the Commissioner for converting a publicly-held insurer into a privately-held insurer under § 31-903, or in connection with other stock option and employee benefit plans; or (C) In accordance with any other plan approved by the Commissioner. (b) Subsection (a)(3) of this section shall not prohibit a subsidiary or other affiliate of the insurer from becoming a general partner.  (Apr. 11, 2003, D.C. Law 14-297, § 105, 50 DCR 330.)  Section References This section is referenced in § 31-1371.02, § 31-1371.06, § 31-1372.06, § 31-1372.07, § 31-1372.12, § 31-1373.07, and § 31-1373.08.
DC Code § 31-1371.07 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter I - General Provisions|§ 31-1371.07. Valuation of investments

For the purposes of this chapter, the value or amount of an investment acquired or held, or any investment practice engaged in, under this chapter, unless otherwise specified in this code, shall be the value at which assets of an insurer are required to be reported for statutory accounting purposes as determined in accordance with procedures prescribed in published accounting and valuation standards of the NAIC, including thePurposes and Procedures of the Securities Valuation OfficeValuation of SecuritiesAccounting Practices and ProceduresAnnual Statement Instructions , or any successor valuation procedures officially adopted by the NAIC. , the  , the  , the   (Apr. 11, 2003, D.C. Law 14-297, § 107, 50 DCR 330.)
DC Code § 31-1372.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter II - Life Insurers|§ 31-1372.01. Application of subchapter

This subchapter shall apply to the investments and investment practices of life insurers subject to the provisions of this chapter pursuant to § 31-1371.01.  (Apr. 11, 2003, D.C. Law 14-297, § 201, 50 DCR 330.)
DC Code § 31-1372.05 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter II - Life Insurers|§ 31-1372.05. Equity interests

(a) Subject to the limitations of § 31-1372.02, an insurer may acquire equity interests in business entities organized under the laws of any domestic jurisdiction. (b) An insurer shall not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of investments held by the insurer under this section would exceed 20% of its admitted assets or the amount of equity interests held by the insurer that are not listed on a qualified exchange would exceed 5% of its admitted assets. An accident and health insurer shall not be subject to this section, but shall be subject to the same aggregate limitation on equity interests as a fire, casualty, and marine insurer under § 31-1373.06 and to the provisions of § 31-1373.02. (c) An insurer shall not acquire under this section any investments that the insurer may acquire under § 31-1372.07. (d) An insurer shall not short sell equity investments unless the insurer covers the short sale by owning the equity investment or an unrestricted right to the equity instrument exercisable within 6 months of the short sale.  (Apr. 11, 2003, D.C. Law 14-297, § 205, 50 DCR 330.)
DC Code § 31-1372.06 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter II - Life Insurers|§ 31-1372.06. Tangible personal property under lease

(a)(1) Subject to the limitations of § 31-1372.02, an insurer may acquire tangible personal property or equity interests therein, which property or interests are located or used wholly or in part within a domestic jurisdiction, directly or indirectly through: (A) Limited partnership interests and general partnership interests not otherwise prohibited § 31-1371.05; (B) Joint ventures; (C) Stock of an investment subsidiary; (D) Membership interests in a limited liability company; (E) Trust certificates; or (F) Other similar instruments. (2) Investments acquired under paragraph (1) of this subsection shall be eligible only if: (A) The property is subject to a lease or other agreement with a person whose rated credit instruments the insurer could acquire under § 31-1372.03 for a price equal to the purchase price of the personal property; and (B) The lease or other agreement provides the insurer the right to receive rental, purchase, or other fixed payments for the use or purchase of the property, and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, shall be adequate to return the cost of the insurer’s investment in the property, plus a return considered adequate by the insurer. (b) The insurer shall compute the amount of each investment under this section on the basis of the cash purchase price and applicable related expenses paid by the insurer for the investment, net of each borrowing made to finance the purchase price and expenses to the extent the borrowing is nonrecourse to the insurer. (c) An insurer shall not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of all investments held by the insurer under this section would exceed: (1) Two percent of its admitted assets; or (2) One half of one percent of its admitted assets as to any single item of tangible personal property. (d) For purposes of determining compliance with the limitations of § 31-1372.02: (1) Investments acquired by an insurer under this section shall be aggregated with those acquired under § 31-1372.03; and (2) Each lessee of the property under a lease referred to in this section shall be deemed the issuer of an obligation in the amount of the investment of the insurer in the property determined as provided under subsection (b) of this section. (e) This section shall not be applicable to a lease of tangible personal property between an insurer and its subsidiaries or affiliates under a cost sharing arrangement or agreement permitted under subchapter I of Chapter 7 of Title 31.  (Apr. 11, 2003, D.C. Law 14-297, § 206, 50 DCR 330.)  Section References This section is referenced in § 31-1372.02.
DC Code § 31-1372.11 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter II - Life Insurers|§ 31-1372.11. Policy loans

A life insurer may lend to a policyholder on the security of the cash surrender value of the policyholder’s policy a sum not exceeding the legal reserve that the insurer is required to maintain on the policy.  (Apr. 11, 2003, D.C. Law 14-297, § 211, 50 DCR 330.)  Section References This section is referenced in § 31-1371.06.