reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4418. Reincorporation of existing corporations

§ 31–4418. Reincorporation of existing corporations.
(a) Any domestic insurance corporation existing or doing business on June 19, 1934, may, by a vote of a majority of its directors or trustees, accept the provisions of this subdivision and amend its charter to conform with the same upon obtaining the consent of the Commissioner thereto in writing, and filing such consent in the Officer of the Recorder of Deeds for the District; and thereafter it shall be deemed to have been incorporated under this chapter, and every such corporation in reincorporating under this provision may for that purpose so adopt in whole or in part a new charter, in conformity herewith, and include therein any and all provisions of its existing charter, and any or all changes from its existing charter, to cover and enjoy any or all the privileges and provisions of existing laws which might be so included and enjoyed if it were originally incorporated hereunder, and it shall, upon such adoption of and after obtaining the consent, as in this section before provided, to such charter and filing the same with the Commissioner and the record thereof with the Recorder of Deeds of the District, perpetually enjoy the same as and be such corporation, which is declared to be a continuation of such corporation which existed prior to such reincorporation; and the offices therein which shall be continued shall be filled by the respective incumbents for the period and the same general proceedings shall be taken upon the presentation of such amended charter or certificate adopted in relation to such amendment, to the Commissioner, as are required by this chapter to be taken with respect to an original charter or certificate, except that no examination of the condition and affairs of such corporation shall be required unless so ordered by the Commissioner, and if the amended charter or certificate be approved by the Commissioner and his certificate of authority to do business thereunder is granted, the corporation shall thereafter be deemed to possess the same powers and be subject to the same liabilities as if such charter or certificate so amended had been its original charter or certificate of incorporation, but without prejudice to pending action or proceeding or any rights previously accrued.
(b) Upon the reincorporation or upon the amendment of the charter of any corporation having a capital stock in accordance with the provisions of this section it may by a vote of the majority of its directors confer upon its policyholders as may have a prescribed amount of insurance upon their lives the right to vote for all or any less number of the directors in such manner not inconsistent with any provision of this subdivision.
(June 19, 1934, 48 Stat. 1148, ch. 672, ch. III, § 18; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-618.
1973 Ed., § 35-518.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4420. Applicability of provisions to existing corporations

§ 31–4420. Applicability of provisions to existing corporations.
Every company incorporated under the provisions of the laws of the District, or act of Congress, prior to June 19, 1934, is hereby brought under all the provisions of this subdivision, except that its capital may continue in the amount named in its charter during the existing term thereof, unless it extends its business to other kinds of insurance, and it shall be entitled to all privileges granted by such charter not authorized by this law.
(June 19, 1934, 48 Stat. 1149, ch. 672, ch. III, § 20.)
Prior Codifications
1981 Ed., § 35-620.
1973 Ed., § 35-520.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4421. Directors — Annual election; qualifications; limitation on proxies

§ 31–4421. Directors — Annual election; qualifications; limitation on proxies.
The stock, property, and business of every company organized under this subdivision shall be managed by the directors who shall, except for the 1st year, be annually elected, at such time and place as shall be determined by the bylaws of the company. All proxies used in the election of directors of such companies shall be valid for a period not exceeding 1 year from the election for which they were signed and in which they were authorized to be voted.
(June 19, 1934, 48 Stat. 1149, ch. 672, ch. III, § 21; Mar. 8, 2007, D.C. Law 16-232, § 205(b)(2), 54 DCR 368.)
Prior Codifications
1981 Ed., § 35-621.
1973 Ed., § 35-521.
Section References
This section is referenced in § 31-735.
Effect of Amendments
D.C. Law 16-232 deleted the second sentence, which had read: “Every director of such a stock company shall be a stockholder thereof, and every director of such a mutual company shall be a policyholder thereof.”
Cross References
Mutual insurance holding company, membership interest, see § 31-735.
Quo warranto proceedings to question right to corporate office, see § 16-3501 et seq.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4422. Directors — Power to make bylaws

§ 31–4422. Directors — Power to make bylaws.
The directors of companies organized under this subdivision shall have power to make such bylaws as they deem proper for the management of the business affairs of such company, not inconsistent with the laws of the District and the Constitution of the United States, and prescribing the duties of officers, employees, and servants that may be employed, for the appointment or election of all officers, and for carrying on all kinds of business within the objects and purposes of such company.
(June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 22.)
Prior Codifications
1981 Ed., § 35-622.
1973 Ed., § 35-522.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4423. Directors — General election procedure

§ 31–4423. Directors — General election procedure.
(a) Notice of the time and place of holding election of directors of a company organized under this subdivision shall be sent to those entitled to vote, and the election shall be made by such of the stockholders and/or policyholders as shall attend for that purpose, either in person or by proxy. All elections shall be by ballot, and the persons receiving the greatest number of votes shall be directors. When any vacancy shall happen among the directors it shall be filled for the remainder of the year in such manner as shall be prescribed by the bylaws of the company.
(b) In case it shall happen at any time that an election of directors shall not be made on the day designated by the bylaws of said company when it ought to have been made, the company shall not for that reason be dissolved, but it shall be lawful on any other day to hold an election for directors in such manner as may be provided in the bylaws, and all acts of directors shall be valid and binding as against said company until their successors shall be elected.
(June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 23.)
Prior Codifications
1981 Ed., § 35-623.
1973 Ed., § 35-523.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4424. Directors — Cumulative voting in stock company election

§ 31–4424. Directors — Cumulative voting in stock company election.
In an election for directors of any stock company in which the policyholders do not vote, each stockholder having a right to vote may cast the whole number of his votes for 1 candidate, or distribute them upon 2 or more candidates, as he may prefer, that is to say: If the stockholder having a right to vote owns 1 share of stock, or has 1 vote, or is entitled to 1 vote for each of 7 directors by virtue thereof, he may give 1 vote to each of said 7 directors, or 7 votes for any 1 thereof, or a less number of votes for any less number of directors, whatever may be the actual number to be elected, and in this manner may distribute or cumulate his votes as he may see fit.
(June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 24.)
Prior Codifications
1981 Ed., § 35-624.
1973 Ed., § 35-524.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4425. Voting powers under group policies

§ 31–4425. Voting powers under group policies.
In every group policy issued by a domestic life company the employer shall be deemed to be the policyholder for all purposes, within the meaning of this chapter, and, if entitled to vote at meetings of the company, shall be entitled to 1 vote thereat.
(June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 25.)
Prior Codifications
1981 Ed., § 35-625.
1973 Ed., § 35-525.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4426. Liability of directors

§ 31–4426. Liability of directors.
The directors of any company organized under the laws of the District shall be personally liable when they have participated in or assented to any act which shall cause injury to policyholders, creditors, or stockholders resulting from: (1) ultra vires acts; (2) illegal corporate acts done with their connivance, knowledge, or consent; (3) issuing unpaid or part-paid stock and marking or representing it as paid up in full; (4) dividend payments declared whether negligently or purposely impairing the capital stock and minimum surplus; (5) mismanagement; (6) loaning corporate funds to stockholders or discounting their notes out of corporate moneys; (7) making false notices or reports that deceive the public; or, (8) transferring property to officers or stockholders to defraud policyholders or creditors. If any of the directors shall object to declaring a dividend or the payment of the same, and shall, at any time before the time fixed for the payment thereof, file a certificate of their objections in writing with the secretary of the company and with the Commissioner, they shall be exempt from the liability prescribed in this section for dividends declared or paid impairing the capital stock and minimum surplus.
(June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 26; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 24(b), 45 DCR 745.)
Prior Codifications
1981 Ed., § 35-626.
1973 Ed., § 35-526.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4427. Salaries to be authorized by directors

§ 31–4427. Salaries to be authorized by directors.
No domestic company shall pay any salary, compensation, or emolument to any officer, trustee, or director thereof, amounting in any 1 year to more than $5,000, unless such payment shall be authorized by the board of directors of the company.
(June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 27.)
Prior Codifications
1981 Ed., § 35-627.
1973 Ed., § 35-527.
Section References
This section is referenced in § 31-3503.
Cross References
Hospital and medical services corporation, applicability of this section, see § 31-3503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4428. Limitation of payments to stockholders and policyholders

§ 31–4428. Limitation of payments to stockholders and policyholders.
No domestic company shall make any payments in form of dividends or otherwise to its stockholders for or on account of any interest in or relation to the company as stockholders unless it possesses assets in the amount of such payment in excess of its liabilities, including its capital stock, and the surplus required by this subdivision; and no domestic company shall make any payments to its policyholders for or on account of any interest in or relation to the company as members or policyholders except for matured claims or other policy obligations and in the purchase of surrender values unless it possesses assets in the amount of such payments in excess of its liabilities, and the capital stock and surplus required by this subdivision.
(June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 28.)
Prior Codifications
1981 Ed., § 35-628.
1973 Ed., § 35-528.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4429. Election or appointment of officers; required security

§ 31–4429. Election or appointment of officers; required security.
There shall be a president, a secretary, and a treasurer of the company, who shall be elected by the directors; and also such subordinate officers as may be elected or appointed, and who may be required to give security for the faithful performance of the duties of their office, as this subdivision and the company by its bylaws may require.
(June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 29.)
Prior Codifications
1981 Ed., § 35-629.
1973 Ed., § 35-529.
Section References
This section is referenced in § 31-3503.
Cross References
Hospital and medical services corporation, applicability of this section, see § 31-3503.
Quo warranto proceedings to question right to corporate office, see § 16-3501 et seq.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4430. Officers and directors not to be pecuniarily interested in transactions

§ 31–4430. Officers and directors not to be pecuniarily interested in transactions.
No director or officer of any company doing business in the District shall receive any money or valuable thing for negotiating, procuring, recommending, or aiding in any purchase by or sale to such company of any property, or any loan from such company, nor be pecuniarily interested, either as principal, coprincipal, agent, or beneficiary, in any such purchase, sale, or loan, nor shall the financial obligation of any such director or officer be guaranteed by such company in any capacity; provided, that nothing herein contained shall prevent any such director or officer from receiving a fee for appraising property for said company or for serving on any committee that passes on the investments of said company; provided further, that nothing herein contained shall prevent a life insurance company from making a loan upon a policy held therein by a director or officer not in excess of the net value thereof or prevent any company in connection with the relocation of the place of employment of an officer, including any relocation in connection with the initial employment of such officer from: (1) making (or such officer from accepting therefrom) a mortgage loan to such officer on real property owned by such officer which is to serve as such officer’s residence; or (2) acquiring (or such officer from selling thereto), at not more than the fair market value thereof, the residence of such officer. Any person violating any provision of this section shall be guilty of a misdemeanor.
(June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 30; Apr. 16, 1982, D.C. Law 4-99, § 2, 29 DCR 967.)
Prior Codifications
1981 Ed., § 35-630.
1973 Ed., § 35-530.
Section References
This section is referenced in § 31-3503.
Cross References
Hospital and medical services corporation, applicability of this section, see § 31-3503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4431. Voting-trust agreements

§ 31–4431. Voting-trust agreements.
It shall be unlawful for any stockholder, director, or officer of any company having capital stock to enter into any contract or agreement, commonly known as “voting-trust agreements,” whereby the rights, benefits, or liabilities attaching to the capital stock are transferred or assigned, temporarily or otherwise, to any person or group of persons, incorporated or unincorporated, for the purpose of controlling, managing, or directing the company, or voting its stock; provided, that this section shall not prevent the granting of proxies by stockholders authorizing a designated individual to represent them at stockholders’ meetings.
(June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 31.)
Prior Codifications
1981 Ed., § 35-631.
1973 Ed., § 35-531.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4432. Maximum and contingent premiums of mutual companies. [Repealed]

§ 31–4432. Maximum and contingent premiums of mutual companies. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1152, Ch. 672, ch. III, § 32; May 4, 1950, 64 Stat. 104, ch. 157, § 5.)
Prior Codifications
1973 Ed., § 35-532.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4433. Classification of risks and members, payment of dividends, and creation of surplus by mutual companies

§ 31–4433. Classification of risks and members, payment of dividends, and creation of surplus by mutual companies.
A mutual company may, in its articles of incorporation or in its bylaws, provide for the classification of its risks and of its members and for the payment of dividends and for the creation of a surplus.
(June 19, 1934, 48 Stat. 1152, ch. 672, ch. III, § 33.)
Prior Codifications
1981 Ed., § 35-632.
1973 Ed., § 35-533.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4435. Investments and loans. [Repealed]

§ 31–4435. Investments and loans. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1152, ch. 672, ch. III, § 35; Feb. 3, 1938, 52 Stat. 26, ch. 13, § 12; June 19, 1948, 62 Stat. 480, ch. 503; July 19, 1954, 68 Stat. 494, ch. 546, § 1; Sept. 21, 1959, 73 Stat. 598, Pub. L. 86-329, § 1; Sept. 8, 1960, 74 Stat. 866, Pub. L. 86-731, § 1; Sept. 14, 1961, 75 Stat. 514, Pub. L. 87-245, § 1; Oct. 3, 1962, 76 Stat. 715, Pub. L. 87-739, § 1; Aug. 31, 1964, 78 Stat. 765, Pub. L. 88-566, § 2(a), (b); Aug. 14, 1973, 87 Stat. 303, Pub. L. 93-89, title II, § 201(3), (4); Oct. 30, 1981, D.C. Law 4-50, § 2, 28 DCR 4258; June 13, 1990, D.C. Law 8-141, § 2, 37 DCR 2654; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730; Apr. 11, 2003, D.C. Law 14-297, § 401(e)(2), 50 DCR 330.)
Prior Codifications
1981 Ed., § 35-634.
1973 Ed., § 35-535.
Editor's Notes
The reference to “§ 3701 et seq. of Title 38, United States Code” appearing in (a)(4)(H) was translated from § 1801 et seq., which originally appeared, as this section was renumbered in the U.S. Code.
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4436. Domestic company real-estate holdings. [Repealed]

§ 31–4436. Domestic company real-estate holdings. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1153, Ch. 672, ch. III, § 36; June 19, 1948, 62 Stat. 480, ch. 503.)
Prior Codifications
1973 Ed., § 35-536.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4437. Reinsurance by domestic companies in authorized companies. [Repealed]

§ 31–4437. Reinsurance by domestic companies in authorized companies. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1154, Ch. 672, ch. III, § 37; Oct. 15, 1993, D.C. Law 10-36, § 6(a), 40 DCR 5812; May 16, 1995, D.C. Law 10-255, § 26(c), 41 DCR 5193.)
Prior Codifications
1981 Ed., § 35-635.
1973 Ed., § 35-537.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4438. Reinsurance of risks. [Repealed]

§ 31–4438. Reinsurance of risks. [Repealed]
Repealed.
(Oct. 15, 1993, D.C. Law 10-36, § 6(a), 40 DCR 5812; May 16, 1995, D.C. Law 10-255, § 26(c), 41 DCR 5193.)
Prior Codifications
1981 Ed., § 35-635.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4439. Vouchers or affidavits as evidence of disbursements

§ 31–4439. Vouchers or affidavits as evidence of disbursements.
No domestic company shall make any disbursement of $100 or more unless the same be evidenced by a voucher signed by or on behalf of the person, firm, or corporation receiving the money and describing the consideration for the payment; and if the expenditure be in connection with any matter pending before any legislative or public body or before any department or officer of any state or government, the voucher shall describe the nature of the matter and the interest of the company therein, or, if such voucher cannot be obtained, the expenditure shall be evidenced by affidavit describing its character and object and stating the reasons for not obtaining such voucher.
(June 19, 1934, 48 Stat. 1154, ch. 672, ch. III, § 38.)
Prior Codifications
1981 Ed., § 35-636.
1973 Ed., § 35-538.
Section References
This section is referenced in § 31-3503.
Cross References
Hospital and medical services corporations, applicability of this section, see § 31-3503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4440. Manner of keeping books, records, accounts, and vouchers

§ 31–4440. Manner of keeping books, records, accounts, and vouchers.
Every domestic company shall keep its books, records, accounts, and vouchers in such manner that its financial condition can be ascertained and so that its financial statements filed with the Commissioner can be readily verified.
(June 19, 1934, 48 Stat. 1154, ch. 672, ch. III, § 39; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 24(c), 45 DCR 745.)
Prior Codifications
1981 Ed., § 35-637.
1973 Ed., § 35-539.
Section References
This section is referenced in § 31-1503 and § 31-3503.
Cross References
Hospital and medical services corporations, applicability of this section, see § 31-3503.
Managing general agents, retention of contract records, see § 31-1503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4441. Acquisition of own capital stock. [Repealed]

§ 31–4441. Acquisition of own capital stock. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1154, ch. 672, ch. III, § 40; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 24(d), 45 DCR 745; Apr. 11, 2003, D.C. Law 14-297, § 401(e)(2), 50 DCR 330.)
Prior Codifications
1981 Ed., § 35-638.
1973 Ed., § 35-540.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4443. Effect of merger or consolidation

§ 31–4443. Effect of merger or consolidation.
(a)(1) When a merger or consolidation has been completed, the merging or consolidating companies shall be a single company.
(2) For a merger, the single company shall be the 1 designated in the plan as the surviving company and, for a consolidation, shall be the new company described in the plan.
(b) The separate existence of the merging or consolidating companies shall cease.
(c) The surviving or new company shall have the rights, the privileges, the immunities, and the powers and shall be subject to the duties and liabilities of a life company organized under this subdivision.
(d)(1) The surviving or the new company shall have the rights, the privileges, the immunities, and the franchises of each of the merging or consolidating companies.
(2) All property interests, debts, claims, or other interests belonging to the merging or the consolidating companies shall be transferred automatically to the single company.
(3) Realty interests vested in the merging or the consolidating companies shall not revert or be impaired because of the merger or the consolidation.
(e)(1) The surviving or the new company shall be responsible for obligations of the merging or the consolidating companies.
(2) A claim involving 1 of the merging or consolidating companies may be litigated as though the merger or the consolidation had not taken place or with the single company replacing the merging or the consolidating company.
(3) Neither the rights of creditors nor any liens upon the property of a merging or consolidating company shall be impaired by the merger or the consolidation.
(f)(1) For a merger, the articles of incorporation of the surviving company shall be considered amended to the extent that the articles of merger described changes in the articles of incorporation.
(2) For a consolidation, articles of consolidation provisions required or permitted in the articles of incorporation of life companies shall be considered the articles of incorporation of the new company.
(g) The aggregate amount of the net assets of the merging or the consolidating companies available for the payment of dividends immediately before the merger or the consolidation, to the extent that the amount cannot be transferred to stated capital, shall continue to be available for the payment of dividends by the surviving or the new company.
(June 19, 1934, ch. 672, ch. III, § 42; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
Prior Codifications
1981 Ed., § 35-640.
Section References
This section is referenced in § 31-3503 and § 31-5311.
Cross References
Fraternal benefit societies, consolidations and mergers, see § 31-5311.
Hospital and medical services corporations, applicability of this section, see § 31-3503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4444. Procedure for merger of domestic companies

§ 31–4444. Procedure for merger of domestic companies.
(a) Two or more domestic life companies may merge into 1 company.
(b) The board of directors of each company shall, by resolution adopted by a majority vote of the members of the boards, approve a plan of merger that lists the following:
(1) The names of the companies proposing to merge.
(2) The name of the surviving company the merging companies would become.
(3) The terms and the conditions of the proposed merger.
(4) The manner and the basis of converting the shares or memberships of each merging company into:
(A) Shares, memberships, or other securities of the surviving company.
(B) Shares or other securities of another company.
(C) Cash or property.
(5) Changes in the articles of incorporation of the surviving company.
(6) Other provisions with respect to the proposed merger as are deemed necessary or desirable.
(June 19, 1934, ch. 672, ch. III, § 43; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
Prior Codifications
1981 Ed., § 35-641.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4445. Procedure for consolidating domestic companies

§ 31–4445. Procedure for consolidating domestic companies.
(a) Two or more domestic life companies may consolidate into a new company.
(b) To consolidate, the board of directors of each consolidating company, by resolution adopted by majority vote of the members of the boards, shall approve a plan of consolidation listing the following:
(1) The names of the companies proposing to consolidate.
(2) The name of the new company into which they propose to consolidate.
(3) The terms and conditions of the proposed consolidation.
(4) The manner and the basis of converting the shares or memberships of each company into:
(A) Shares, memberships, or other securities of the new company.
(B) Shares or other securities of another company.
(C) Cash or property.
(5) The articles of incorporation for domestic companies organized under this chapter.
(6) Other provisions with respect to the proposed consolidation as are deemed necessary or desirable.
(June 19, 1934, ch. 672, ch. III, § 44; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
Prior Codifications
1981 Ed., § 35-642.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4446. Merger or consolidation of domestic and foreign companies

§ 31–4446. Merger or consolidation of domestic and foreign companies.
(a) Foreign and domestic life companies may be merged or consolidated if the laws where each company is organized permit the merger or the consolidation.
(b) If the surviving or the new company is governed by a foreign jurisdiction, then the surviving or the new company shall comply with Chapter 45 of this subdivision, before transacting life insurance business in the District of Columbia.
(c) The surviving or the new company shall comply with § 31-202, and maintain and appoint in the District, or not more than 10 miles beyond the territorial limits of the District, an agent for service of process and shall register with the Commissioner the address of its principal office and the name and address of its agent for service of process in the District, including any changes in address.
(d) Repealed.
(e)(1) Except as provided in paragraph (2) of this subsection, a merger or a consolidation under this section shall be the same as a merger or a consolidation of domestic companies creating a surviving or a new company governed by the District of Columbia.
(2) If the surviving or the new company shall be governed by a foreign jurisdiction, the merger or the consolidation shall be the same as a merger or a consolidation of domestic companies except insofar as the laws of the foreign jurisdiction provide otherwise.
(June 19, 1934, ch. 672, ch. III, § 45; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39; Mar. 21, 1995, D.C. Law 10-233, § 3, 42 DCR 24; Apr. 18, 1996, D.C. Law 11-110, § 37, 43 DCR 530; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-643.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4447. Merger or consolidation — Approval by Mayor

§ 31–4447. Merger or consolidation — Approval by Mayor.
(a) The plan of merger or of consolidation and the filings required by § 31-5803 shall be mailed to shareholders, to members, or to policyholders of the domestic merging and consolidating companies, and shall be filed with the Mayor according to § 31-5803 [repealed].
(b) A life company aggrieved by the Mayor’s decision to disapprove a plan of merger or of consolidation with the Mayor under subsection (a) of this section shall have the rights, under § 31-5803 [repealed], to judicial review of the decision.
(June 19, 1934, ch. 672, ch. III, § 46; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
Prior Codifications
1981 Ed., § 35-644.
References in Text
Section 31-5803, referred to in (a) and (b), was repealed by § 17 of D.C. Law 10-44, effective Oct. 21, 1993.
Editor's Notes
Subsection (b) of this section is set forth above as it appears in D.C. Law 5-160. The word “filed” should probably appear following “consolidation.”.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4448. Merger or consolidation — Procedures before voting

§ 31–4448. Merger or consolidation — Procedures before voting.
(a)(1) After approval from the Mayor, the board of directors shall, by resolution, direct that the plan of merger or of consolidation be voted upon at a meeting of the shareholders, the members, or the policyholders of record and entitled to vote.
(2) The vote may be conducted at either an annual or a special meeting.
(b) Written notice shall be delivered at least 20 days before the meeting, either personally or by mail, to each shareholder, member, or policyholder.
(c) The notice shall state the place, the time, and the purpose of the meeting, and a copy or a summary of the plan of merger or of consolidation shall be delivered with the notice.
(d) The notice shall also summarize dissenting shareholders’ rights under § 31-4450.
(June 19, 1934, ch. 672, ch. III, § 47; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
Prior Codifications
1981 Ed., § 35-645.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4449. Merger or consolidation — Approval by shareholders

§ 31–4449. Merger or consolidation — Approval by shareholders.
(a) The plan of merger or of consolidation shall be approved by the affirmative vote of the holders of two thirds of the voting outstanding shares of each company unless 2 or more classes of shares have been issued for any of the companies.
(b) If the company has issued 2 or more classes of shares, the plan of merger or of consolidation shall be approved by the affirmative vote of at least two thirds of the voting outstanding shares of each class.
(c) For a mutual company, each member or policyholder entitled to vote shall have 1 vote, regardless of the amount of insurance or number of policies held by the individual.
(June 19, 1934, ch. 672, ch. III, § 48; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39; Feb. 27, 1996, D.C. Law 11-90, § 11, 42 DCR 7155.)
Prior Codifications
1981 Ed., § 35-646.
Section References
This section is referenced in § 31-4450.
Emergency Legislation
For temporary amendment of section, see § 11 of the Insurance Omnibus Congressional Recess Emergency Amendment Act of 1995 (D.C. Act 11-97, July 19, 1995, 42 DCR 3844).
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4451. Articles of merger or consolidation

§ 31–4451. Articles of merger or consolidation.
(a) Upon shareholder approval of the merger or consolidation, articles of merger or consolidation shall be executed in duplicate by the president of each company, attested by the secretary of each company, and the corporate seal of each company shall be stamped on the articles.
(b) The articles shall list the following:
(1) The plan of merger or consolidation.
(2) For each company, the number of members, policyholders, or shares outstanding and, if 2 or more classes of shares have been issued, the designation of each class and the number of shares outstanding in each class.
(3) For each company, the number of members, policyholders, or shares voting for the plan and the number voting against the plan and, if 2 or more classes of shares have been issued, the number of shares of each class voting for the plan and the number voting against the plan.
(c)(1) The articles shall be filed with the Mayor.
(2) The Mayor shall charge a fee for filing the articles.
(3) If both the form of the articles and the fee payment comply with this section, then the Mayor shall perform the following:
(A) State the date of the filing and the word “filed” on the duplicates.
(B) Keep 1 of the duplicates.
(C) Send to the new or surviving company both the other duplicate and a certificate of merger or consolidation.
(June 19, 1934, ch. 672, ch. III, § 50; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
Prior Codifications
1981 Ed., § 35-648.
Section References
This section is referenced in § 31-4452.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4452. Date merger or consolidation completed

§ 31–4452. Date merger or consolidation completed.
The merger or consolidation shall be complete when the Mayor issues under § 31-4451(c)(3)(C) the certificate of merger or consolidation to the new or surviving company.
(June 19, 1934, ch. 672, ch. III, § 51; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39.)
Prior Codifications
1981 Ed., § 35-649.
Cross References
Insurance, merger or consolidation of life companies, new company governed by a foreign jurisdiction, compliance with this chapter, see § 31-4446.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 45 - Foreign and Alien Life Companies › § 31–4502. Alien companies; trustees; examinations; financial statements

§ 31–4502. Alien companies; trustees; examinations; financial statements.
The directors of an alien company may appoint citizens or corporations of the United States, approved by the Commissioner, as its trustees to hold funds and assets in trust for the benefit of the policyholders and creditors of the company in the United States. A certified copy of the record of such appointment and of the deed of trust shall be filed with the Commissioner, who may examine such trustees and any officers and agents, books, and papers of the company in the same manner as he may examine officers, agents, books, papers, and affairs of insurance companies. The funds and assets so held by such trustees shall, with the deposits otherwise made by the company and the funds and assets held by the company in the United States for the benefit of its policyholders and creditors in the United States, constitute the assets of the company for the purpose of making its financial statements required by this subdivision.
(June 19, 1934, 48 Stat. 1155, ch. 672, ch. IV, § 2; May 21, 1997, D.C. Law 11-268, § 10(l), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-702.
1973 Ed., § 35-602.
Section References
This section is referenced in § 31-5326.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4501.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 46 - Life Insurance; Penalties; Testimony; Separability › § 31–4601. Violations

§ 31–4601. Violations.
Any person, partnership, or company who violates any of the provisions of this subdivision, or fails to comply with any duty imposed upon him or it by any provision of this subdivision, for which violation or failure no penalty is elsewhere provided by the laws of the District, shall be fined not exceeding $500 for each and every violation. Civil fines, penalties, and fees may be imposed as alternative sanctions for any infraction of the provisions of this subdivision for which no penalty is provided elsewhere, or any rules or regulations issued under the authority of this subdivision, pursuant to Chapter 18 of Title 2. Adjudication of any infraction of this subdivision shall be pursuant to Chapter 18 of Title 2.
(June 19, 1934, 48 Stat. 1176, ch. 672, ch. VI, § 1; Oct. 5, 1985, D.C. Law 6-42, § 456, 32 DCR 4450.)
Prior Codifications
1981 Ed., § 35-801.
1973 Ed., § 35-801.
Cross References
Application of chapter to existing companies, see § 31-4420.
Hospital and medical services corporations, applicability of this section, see § 31-3503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 46 - Life Insurance; Penalties; Testimony; Separability › § 31–4602. Testimony; production of books; immunity of witness. [Repealed]

§ 31–4602. Testimony; production of books; immunity of witness. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1176, Ch. 672, ch. VI, § 2; Oct. 13, 1970, Pub. L. 91-452, title II, § 254, 84 Stat. 931.)
Prior Codifications
1973 Ed., § 35-802.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 46 - Life Insurance; Penalties; Testimony; Separability › § 31–4603. Severability

§ 31–4603. Severability.
Should any section or provision of this subdivision be decided by the courts to be unconstitutional or invalid, the validity of this subdivision as a whole or of any part thereof other than the part decided to be unconstitutional shall not be affected.
(June 19, 1934, 48 Stat. 1177, ch. 672, ch. VI, § 3.)
Prior Codifications
1981 Ed., § 35-802.
1973 Ed., § 35-803.
Cross References
Hospital and medical services corporations, applicability of this section, see § 31-3503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 47 - Provisions Relating to All Life Insurance Companies › § 31–4702. Companies issuing both participating and nonparticipating policies

§ 31–4702. Companies issuing both participating and nonparticipating policies.
Every life company doing business in the District which issues both participating and nonparticipating policies shall keep the 2 classes of business separate and shall make, and include in the annual statement to be filed with the Commissioner each year, a separate statement of the gains, losses, and expenses properly attributable to each of such classes and also showing the manner in which any general outlay of expenses of the company has been apportioned to each. No such life company shall be permitted to do business in the District unless it makes such a separation of its business. This section shall not apply to paid-up, temporary, or pure endowment insurance issued or granted in exchange for lapsed or returned policies.
(June 19, 1934, 48 Stat. 1157, ch. 672, ch. V, § 2; May 21, 1997, D.C. Law 11-268, § 10(j), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-502.
1973 Ed., § 35-702.
Section References
This section is referenced in § 31-4701.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4701.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 47 - Provisions Relating to All Life Insurance Companies › § 31–4704. Life policies — Prohibited provisions

§ 31–4704. Life policies — Prohibited provisions.
No policy of life insurance other than industrial insurance, annuities, and pure endowments, with or without return of premiums or of premiums and interest, shall be issued or delivered in the District or be issued by a life company organized under the laws of the District after the 1st day of January 1935 if it contains any of the following provisions:
(1) A provision limiting the time within which any action at law or in equity may be commenced to less than 3 years after the cause of action shall accrue;
(2) A provision by which the policy shall purport to be issued or take effect more than 6 months before the original application for the insurance was made;
(3) Except for provisions relating to misstatement of age, suicide, aviation, and military or naval service in time of war, a provision for any mode of settlement at maturity, after the expiration of the contestable period of the policy, of less value than the amount insured on the face of the policy plus dividend additions, if any, less any indebtedness to the company on or secured by the policy, and less any premium that may, by the terms of the policy, be deducted. This paragraph shall not apply to any nonforfeiture provision;
(4) A provision for forfeiture of the policy for failure to repay any loan on the policy, or to pay interest on such loan, while the total indebtedness on the policy, including interest, is less than the loan value thereof;
(5) A provision to the effect that the agent soliciting the insurance is the agent of the person insured under said policy, or making the acts or representations of such agent binding upon the person so insured under said policy;
(6) A provision permitting the payment of funeral benefits in merchandise or services, or permitting the payment of any benefits other than in lawful money of the United States; or
(7) A provision permitting either contracting to pay, or the payment of, funeral, burial, and other expenses to any designated undertaker or undertaking establishment, or to any particular tradesman or business man, so as to deprive the persons entitled by law to dispose of the body of a deceased, or in any way to control such persons in procuring and purchasing said supplies and services in the open market with the advantage of competition.
(June 19, 1934, 48 Stat. 1161, ch. 672, ch. V, § 4; Feb. 19, 1948, 62 Stat. 30, ch. 66, § 3.)
Prior Codifications
1981 Ed., § 35-504.
1973 Ed., § 35-704.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 47 - Provisions Relating to All Life Insurance Companies › § 31–4705.04. Loan provisions in policies

§ 31–4705.04. Loan provisions in policies.
(a) In the case of ordinary policies issued prior to the operative date of § 31-4705.02 (the standard nonforfeiture law) the loan value referred to in paragraph (6) of subsection (a) of § 31-4703 shall be the reserve at the end of the current policy year on the policy and on the dividend additions thereto, if any, exclusive of the reserve on account of return premium insurance and of total and permanent disability and additional accidental death benefits, less a sum not more than 2 1/2% of the amount insured by the policy and of any dividend additions thereto (the policy to specify the mortality table and rate of interest adopted for computing such reserve). The policy may provide that such loan may be deferred for not exceeding 6 months after the application therefor is made. A company may, in lieu of the provision hereinabove permitted for the deduction from a loan on the policy of a sum not more than 2 1/2% of the amount insured by the policy and of any dividend additions thereto, insert in the policy a provision that one fifth of the said reserve may be deducted in case of a loan under the policy, or may provide therein that the deduction may be the said 2 1/2% or the one fifth of the said reserve at the option of the company.
(b) In the case of ordinary policies issued on or after the operative date of § 31-4705.02 (the standard nonforfeiture law) the loan value referred to in paragraph (6) of subsection (a) of § 31-4703 shall be the cash surrender value at the end of the current policy year as required by § 31-4705.02. The company shall reserve the right to defer such loan, except when made to pay premiums, for 6 months after application therefor is made.
(June 19, 1934, ch. 672, ch. V, § 5c; Feb. 19, 1948, 62 Stat. 30, ch. 66, § 4; redesignated § 5d, Oct. 13, 1978, D.C. Law 2-120, § 9(a), 25 DCR 1519.)
Prior Codifications
1981 Ed., § 35-509.
1973 Ed., § 35-705d.
Section References
This section is referenced in § 31-4703.
References in Text
The “operative date of § 31-4705.02,” referred to in subsections (a) and (b) of this section, was prescribed by § 2 of the Act of October 13, 1962, 76 Stat. 712, Pub. L. 87-738, which was formerly codified as § 35-507(g) (1981 Ed.). Section 35-507 § 31-4705.02, 2001 Ed. was rewritten effective March 14, 1985, and no longer contains the “operative date” language.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 47 - Provisions Relating to All Life Insurance Companies › § 31–4706. Extension of time for payment of premiums

§ 31–4706. Extension of time for payment of premiums.
A life company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or part thereof, upon condition that failure to comply with the terms of such agreement shall lapse the policy, as provided in said agreement or in the policy. Subject to such lien as may be created to secure any indebtedness contracted by the insured, in consideration of such extension, said agreement shall not impair any right existing under the policy.
(June 19, 1934, 48 Stat. 1164, ch. 672, ch. V, § 6.)
Prior Codifications
1981 Ed., § 35-510.
1973 Ed., § 35-706.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 47 - Provisions Relating to All Life Insurance Companies › § 31–4707. Ascertainment of loan indebtedness

§ 31–4707. Ascertainment of loan indebtedness.
In ascertaining the indebtedness due upon policy or premium loans the interest, if not paid when due, shall be added to the principal of such loans and shall bear interest at the rate specified in the note or loan agreement.
(June 19, 1934, 48 Stat. 1164, ch. 672, ch. V, § 7.)
Prior Codifications
1981 Ed., § 35-511.
1973 Ed., § 35-707.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 47 - Provisions Relating to All Life Insurance Companies › § 31–4708. Filing and approval of life policy forms

§ 31–4708. Filing and approval of life policy forms.
A policy of life insurance shall not be issued or delivered in the District until the form of the same has been filed with the Commissioner, nor if the Commissioner gives written notice, within 30 days of such filing, to the company proposing to issue it, showing wherein the form of such policy does not comply with the requirements of the laws of the District, provided that such action of the Commissioner shall be subject to review by a court of competent jurisdiction.
(June 19, 1934, 48 Stat. 1164, ch. 672, ch. V, § 8; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 23(c), 45 DCR 745.)
Prior Codifications
1981 Ed., § 35-512.
1973 Ed., § 35-708.