reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4311. Defamatory or injurious false statements against companies. [Repealed]

§ 31–4311. Defamatory or injurious false statements against companies. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1132, ch. 672, ch. II, § 12; Apr. 3, 2001, D.C. Law 13-265, § 126(a), 48 DCR 1225; redesignated § 301, Oct. 19, 2002, D.C. Law 14-213, § 20(b), 49 DCR 8140.)
Prior Codifications
1981 Ed., § 35-411.
1973 Ed., § 35-411.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4312. Commissioner authorized to issue subpoenas; enforcement

§ 31–4312. Commissioner authorized to issue subpoenas; enforcement.
(a) In the examination of any company as provided for in this subdivision, the Commissioner shall have power to issue subpoenas in the name of the Chief Judge of the Superior Court of the District of Columbia to compel witnesses to appear and testify and/or to produce all books, records, papers, or documents before said Commissioner.
(b) If any witness having been personally summoned shall neglect or refuse to obey the subpoena issued as herein provided, then and in that event the Commissioner may report that fact to the Superior Court of the District of Columbia, or one of the judges thereof, and said Court, or any judge thereof, hereby is empowered to compel obedience to said subpoena to the same extent as witnesses may be compelled to obey the subpoenas of that Court.
(June 19, 1934, 48 Stat. 1133, ch. 672, ch. II, § 13; June 25, 1936, 49 Stat. 1921, ch. 804; June 25, 1948, 62 Stat. 991, ch. 646, § 32(a), (b); May 24, 1949, 62 Stat. 107, ch. 139, § 127; July 29, 1970, 84 Stat. 572, Pub. L. 91-358, title I, § 155(c)(37)(A); May 21, 1997, D.C. Law 11-268, § 10(i), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-412.
1973 Ed., § 35-412.
Section References
This section is referenced in § 31-3503.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4301.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4313. Enforcement of Commissioner’s orders or actions

§ 31–4313. Enforcement of Commissioner’s orders or actions.
The Commissioner may, through the Corporation Counsel of the District, invoke the aid of any court of competent jurisdiction to enforce any order made or action taken by him in pursuance of law.
(June 19, 1934, 48 Stat. 1133, ch. 672, ch. II, § 14; May 21, 1997, D.C. Law 11-268, § 10(i), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-413.
1973 Ed., § 35-413.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4301.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4314. False statements in application for policy

§ 31–4314. False statements in application for policy.
The falsity of a statement in the application for any policy of insurance shall not bar the right to recovery thereunder unless such false statement was made with intent to deceive or unless it materially affected either the acceptance of the risk or the hazard assumed by the company.
(June 19, 1934, 48 Stat. 1133, ch. 672, ch. II, § 15; May 21, 1997, D.C. Law 11-268, § 10(i), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-414.
1973 Ed., § 35-414.
Cross References
Form and contents of insurance contracts, see §§ 31-4703, 31-4712.
Industrial policies, special provisions, see § 31-4801 et seq.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4301.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4315. Deposit of securities by companies desiring to transact business — Amount; deposits outside District

§ 31–4315. Deposit of securities by companies desiring to transact business — Amount; deposits outside District.
(a) Every company desiring to transact business in the District shall, as a prerequisite to the issuance of a certificate of authority, deposit, as herein provided, approved securities of not less than $100,000 market value. In the case of domestic companies, such deposit shall be made in the District as prescribed under § 31-4316; provided, that the deposit of every domestic company heretofore organized under the provisions of the laws of the District or other act of Congress may, in the discretion of the Commissioner, be limited: (1) For stock companies, to an amount equal to the capital stock outstanding on June 19, 1934; and (2) for nonstock companies, to such amount as in the opinion of the Commissioner would be required from stock companies of comparable size. In no case shall the deposit of a domestic company be less than $25,000 in value. In the case of foreign or alien companies, the deposit may be made as provided under § 31-4316, or may be made with the supervising official of any state, territory, or insular possession of the United States authorized to accept such deposit, which shall be held for the benefit of all policyholders.
(b) In the case of a deposit made with an official outside the District, a certificate of deposit from said official shall be filed with the Commissioner, showing the character of the deposit, before a certificate of authority to transact business in the District may be issued, and, if the securities so deposited are not of the class authorized by this subdivision for investments of companies, the Commissioner may require an additional deposit in approved securities.
(June 19, 1934, 48 Stat. 1133, ch. 672, ch. II, § 16; May 20, 1940, 54 Stat. 217, ch. 204; May 21, 1997, D.C. Law 11-268, § 10(i), 44 DCR 1730; Mar. 24, 1998; D.C. Law 12-81, § 22(b), 45 DCR 745.)
Prior Codifications
1981 Ed., § 35-415.
1973 Ed., § 35-415.
Cross References
Reserves, see § 31-5201.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4301.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4317. Deposit of securities by companies desiring to transact business — Withdrawal upon discontinuance of business or reinsurance

§ 31–4317. Deposit of securities by companies desiring to transact business — Withdrawal upon discontinuance of business or reinsurance.
(a) When a company determines to discontinue its business or to cease to do business in the District and desires to withdraw its deposit made in the District pursuant to this subdivision the Commissioner shall, upon the application of the company, and at its expense, give notice of such intention in a newspaper of general circulation in the District once a week for 3 consecutive weeks. After such publication he shall deliver to such company or its assigns the securities so deposited when he is satisfied upon examination and investigation made by him or under his authority and upon the oaths of the president and secretary or other chief officers of the company that all debts and liabilities of every kind due and to become due which the deposit was made to secure are paid and extinguished; provided, that the Commissioner may require any company so withdrawing from the District to furnish bond to cover any undisclosed or contingent liabilities.
(b) Upon a company being wholly reinsured the Commissioner may deliver to it or to its assigns all securities deposited by it upon compliance with the following condition: The reinsuring company shall assume and agree to discharge all liabilities of every kind due and to become due which the deposit of the reinsured company was made to secure. Such reinsuring company shall have a deposit in the District or with some state official in the United States in securities recognized by this law as lawful investments of the company in an amount and value not less than the deposit required of the reinsured company. The deposit of the reinsuring company shall be such that it will subsist for the security of the obligations of the reinsured company assumed by the reinsuring company. The Commissioner shall give notice of such reinsurance agreement and of the application for the deposit once a week for 3 consecutive weeks in a newspaper of general circulation in the District before the delivery of such securities to the reinsuring company.
(June 19, 1934, 48 Stat. 1134, ch. 672, ch. II, § 18; May 21, 1997, D.C. Law 11-268, § 10(i), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-417.
1973 Ed., § 35-417.
Cross References
Reserves, see § 31-5201.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4301.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4318. Examinations; reports; expenses. [Repealed]

§ 31–4318. Examinations; reports; expenses. [Repealed]
Repealed.
(Oct. 21, 1993, D.C. Law 10-49, § 9(b), 40 DCR 6110.)
Prior Codifications
1981 Ed., § 35-418.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4319. Superintendent authorized to take over companies; grounds; procedure; liquidation; special agents and employees; rules and regulations; reports and bonds [Repealed]

§ 31–4319. Superintendent authorized to take over companies; grounds; procedure; liquidation; special agents and employees; rules and regulations; reports and bonds [Repealed]
Repealed.
(Oct. 15, 1993, D.C. Law 10-35, § 59(a), 40 DCR 5773.)
Prior Codifications
1981 Ed., §§ 35-419 to 35-421.
Temporary Legislation
For temporary (225 day) amendment of section, see § 7(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626).
Editor's Notes
D.C. Law 10-76 and D.C. Law 10-103 purported to amend former § 35-419 1981 Ed. by rewriting (a)(4).
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4320. Companies deemed insolvent [Repealed]

§ 31–4320. Companies deemed insolvent [Repealed]
Repealed.
(Oct. 15, 1993, D.C. Law 10-35, § 59(a), 40 DCR 5773.)
Prior Codifications
1981 Ed., §§ 35-419 to 35-421.
Temporary Legislation
For temporary (225 day) amendment of section, see § 7(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626).
Editor's Notes
D.C. Law 10-76 and D.C. Law 10-103 purported to amend former § 35-419 1981 Ed. by rewriting (a)(4).
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4321. Reinsurance by Superintendent [Repealed]

§ 31–4321. Reinsurance by Superintendent [Repealed]
Repealed.
(Oct. 15, 1993, D.C. Law 10-35, § 59(a), 40 DCR 5773.)
Prior Codifications
1981 Ed., §§ 35-419 to 35-421.
Temporary Legislation
For temporary (225 day) amendment of section, see § 7(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626).
Editor's Notes
D.C. Law 10-76 and D.C. Law 10-103 purported to amend former § 35-419 1981 Ed. by rewriting (a)(4).
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4322. Valuation of securities. [Repealed]

§ 31–4322. Valuation of securities. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1137, ch. 672, ch. II, § 23; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 22(c), 45 DCR 745; Apr. 11, 2003, D.C. Law 14-297, § 401(e)(1), 50 DCR 330.)
Prior Codifications
1981 Ed., § 35-422.
1973 Ed., § 35-422.
For legislative history of D.C. Law 11- (Act 11-524), see Historical and Statutory Notes following § 31-4301.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4301.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4323. Service of process; appointment of Superintendent as attorney of companies; violations. [Repealed]

§ 31–4323. Service of process; appointment of Superintendent as attorney of companies; violations. [Repealed]
Repealed.
(Mar. 21, 1995, D.C. Law 10-233, § 12, 42 DCR 24.)
Prior Codifications
1981 Ed., § 35-423.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4324. Political contributions prohibited; immunity of witnesses in proceedings in regard to violations. [Repealed]

§ 31–4324. Political contributions prohibited; immunity of witnesses in proceedings in regard to violations. [Repealed]
Repealed.
(June 19, 1934, 48 Stat. 1138, ch. 672, ch. II, § 25; Mar. 8, 2007, D.C. Law 16-232, § 205(a)(2), 54 DCR 368.)
Prior Codifications
1981 Ed., § 35-424.
1973 Ed., § 35-424.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4325. General agents, agents, or solicitors; issuance, expiration and renewal of required license; exceptions; termination of employment; information provided Superintendent deemed privileged [Repealed]

§ 31–4325. General agents, agents, or solicitors; issuance, expiration and renewal of required license; exceptions; termination of employment; information provided Superintendent deemed privileged [Repealed]
Repealed.
(April 9, 1997, D.C. Law 11-227, § 16, 44 DCR 140.)
Prior Codifications
1981 Ed., §§ 35-425 to 35-428.
Editor's Notes
D.C. Law 11-268, § 10(i) ( 44 DCR 1730), effective May 21, 1997, amends the repealed sections subsequent to repeal.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4326. Suspension or revocation of licenses; grounds; hearing and appeal; alternative penalty [Repealed]

§ 31–4326. Suspension or revocation of licenses; grounds; hearing and appeal; alternative penalty [Repealed]
Repealed.
(April 9, 1997, D.C. Law 11-227, § 16, 44 DCR 140.)
Prior Codifications
1981 Ed., §§ 35-425 to 35-428.
Editor's Notes
D.C. Law 11-268, § 10(i) ( 44 DCR 1730), effective May 21, 1997, amends the repealed sections subsequent to repeal.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4327. Judicial appeals from rulings of Superintendent; procedure; liability of Superintendent in proceedings [Repealed]

§ 31–4327. Judicial appeals from rulings of Superintendent; procedure; liability of Superintendent in proceedings [Repealed]
Repealed.
(April 9, 1997, D.C. Law 11-227, § 16, 44 DCR 140.)
Prior Codifications
1981 Ed., §§ 35-425 to 35-428.
Editor's Notes
D.C. Law 11-268, § 10(i) ( 44 DCR 1730), effective May 21, 1997, amends the repealed sections subsequent to repeal.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4328. Brokers; issuance, revocation and renewal of required license; violations [Repealed]

§ 31–4328. Brokers; issuance, revocation and renewal of required license; violations [Repealed]
Repealed.
(April 9, 1997, D.C. Law 11-227, § 16, 44 DCR 140.)
Prior Codifications
1981 Ed., §§ 35-425 to 35-428.
Editor's Notes
D.C. Law 11-268, § 10(i) ( 44 DCR 1730), effective May 21, 1997, amends the repealed sections subsequent to repeal.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4329. Disposition of premiums paid to agents

§ 31–4329. Disposition of premiums paid to agents.
An insurance agent, solicitor, or broker who acts in negotiating or renewing or continuing a contract of insurance for a company lawfully doing business in the District, and who receives any money or substitute for money as a premium for such a contract from the insured, whether he shall be entitled to an interest in same or otherwise, shall be deemed to hold such premium in trust for the company making the contract. If he fails to pay the same over to the company after written demand made upon him therefor, such failure shall be prima facie evidence that he has used or applied the said premium for a purpose other than paying the same over to the company, and upon conviction thereof he shall be deemed guilty of theft and punished accordingly.
(June 19, 1934, 48 Stat. 1142, ch. 672, ch. II, § 30; Aug. 2, 1983, D.C. Law 5-24, § 15, 30 DCR 3341.)
Prior Codifications
1981 Ed., § 35-429.
1973 Ed., § 35-429.
Section References
This section is referenced in § 31-3503.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4330. Contractual rights of minors

§ 31–4330. Contractual rights of minors.
Any minor of the age of 15 years or more may, notwithstanding such minority, contract for life, health, and accident insurance on his own life for his or her own benefit or for the benefit of his father, mother, spouse, child, brother, sister, or for the benefit of any person who has the care or custody of said minor or with whom said minor makes his or her home, and may exercise all such contractual rights with respect to any such contract of insurance as might be exercised by a person of full legal age and may at any time surrender his or her interest in any such insurance or give a valid discharge for any benefit accruing or money payable thereunder.
(June 19, 1934, 48 Stat. 1142, ch. 672, ch. II, § 31; Sept. 12, 2008, D.C. Law 17-231, § 28(b), 55 DCR 6758.)
Prior Codifications
1981 Ed., § 35-430.
1973 Ed., § 35-430.
Effect of Amendments
D.C. Law 17-231 substituted “spouse” for “husband, wife”.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4331. Assessment companies prohibited

§ 31–4331. Assessment companies prohibited.
Any company which makes insurance or reinsurance the performance of which is not guaranteed by the reserves required by this subdivision, but is contingent upon the payment of assessments or calls made upon its members, shall not be formed, admitted, or licensed in the District.
(June 19, 1934, 48 Stat. 1142, ch. 672, ch. II, § 32; May 4, 1950, 64 Stat. 104, ch. 157, § 3.)
Prior Codifications
1981 Ed., § 35-431.
1973 Ed., § 35-431.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 43 - Department of Insurance, Securities, And Banking with Respect to Life Companies › § 31–4332. Appeals from Commissioner to Mayor

§ 31–4332. Appeals from Commissioner to Mayor.
Any appeals to the Mayor from rulings of the Commissioner shall be perfected and filed with the Mayor within 20 days exclusive of Sundays and legal holidays from the date such rulings are communicated to the party at interest.
(June 19, 1934, 48 Stat. 1142, ch. 672, ch. II, § 33; May 21, 1997, D.C. Law 11-268, § 10(i), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-432.
1973 Ed., § 35-432.
Section References
This section is referenced in § 31-1404 and § 31-1506.
Cross References
Examiner orders following mayor’s consideration of findings, appeals, see § 31-1404.
Managing general agent license suspension or revocation, appeal from mayor, see § 31-1506.
Editor's Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4301.
Change in Government
This section originated at a time when local government powers were delegated to a Board of Commissioners of the District of Columbia (see Acts Relating to the Establishment of the District of Columbia and its Various Forms of Governmental Organization in Volume 1). Section 401 of Reorganization Plan No. 3 of 1967 (see Reorganization Plans in Volume 1) transferred all of the functions of the Board of Commissioners under this section to a single Commissioner. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 ( D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act ( D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4401. Formation — Required contents of articles of incorporation

§ 31–4401. Formation — Required contents of articles of incorporation.
Any 7 or more persons who desire to become incorporated as an insurance company shall make, sign, and acknowledge articles of incorporation before an officer authorized to take acknowledgment of deeds, in which shall be stated:
(1) The proposed corporate name, which shall not be identical with nor so nearly resemble the name of an existing corporation organized under the laws of the District, or authorized to transact business therein, as to mislead the public or cause confusion and, in case of a mutual company, shall contain the word “mutual”;
(2) The term of its existence, which may be perpetual;
(3) The place where its principal office shall be located, which shall be the District of Columbia;
(4) The purpose of the company, which shall be restricted to the business of insurance appertaining to persons;
(5) The mode and manner in which the corporate power shall be exercised; the number, terms of office, and manner of electing directors, who shall be stockholders, or, in the case of a mutual company, shall be members or policyholders of the corporation;
(6) The provisions for meeting and votes of stockholders and policyholders. A stock company in which the policyholders do not vote shall provide for cumulative voting in its articles of incorporation. A stock company in which policyholders vote shall provide that each stockholder shall have 1 vote, in person or by proxy, for each share of stock owned. A company without capital stock shall provide that every policyholder shall be a member and entitled to 1 or more votes, in person, or by proxy, based on the insurance in force, the number of policies held or the amount of premiums paid as may be provided in the bylaws, and a stock company may provide for votes by policyholders, but in such case each policyholder shall have the same voting power as every other policyholder;
(7) The amount of its capital stock, if any, the number of shares, and the par value of each share;
(8) The number of directors who shall manage the company for the 1st year and their names; and
(9) Such other particulars as may be necessary to manifest and explain the objects and purposes of the company.
(June 19, 1934, 48 Stat. 1143, ch. 672, ch. III, § 1.)
Prior Codifications
1981 Ed., § 35-601.
1973 Ed., § 35-501.
Section References
This section is referenced in § 31-3503.
Cross References
Health and accident companies, see § 31-5202.
Hospital and medical services corporations, applicability of this section, see § 31-3503.
Prohibition against assessment companies, see § 31-4331.
Quo warranto proceedings to question right to corporate rights and franchises, see § 16-3501 et seq.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4403. Formation — Corporate powers during completion of organization; issuance of certificate of authority

§ 31–4403. Formation — Corporate powers during completion of organization; issuance of certificate of authority.
(a) The Commissioner shall examine the proposed articles and other papers so filed with him and, if he finds the same in accordance with law, he shall so certify and return the same to the Commissioner, who shall cause the articles and the certificate of the Corporation Counsel to be recorded in the records of the Commissioner and issue to the incorporators 2 certified copies thereof, one of which shall be recorded in the Office of the Recorder of Deeds for the District of Columbia, and thereupon such incorporators and their associates shall become and be a body corporate with power to sue and be sued, contract and be contracted with, adopt a seal, and do such other acts, subject to the provisions of this subdivision, as shall be needful to accomplish the purposes of its organization. If the Commissioner shall approve the sureties on the bond so filed, or on any like bond substituted therefor, he shall issue to the corporation a permit, as a “company in course of organization,” authorizing it to complete its organization. Said company in course of organization shall have authority under such permit to solicit subscriptions and payments for capital stock, if a stock company, and applications and advance premiums for insurance, and to exercise such powers, subject to the limitations in this subdivision prescribed, as may be necessary and proper in completing its organization and qualifying itself for a certificate of authority from the Commissioner to transact the business of insurance appertaining to persons. But such company shall not issue policies or enter into contracts of insurance until it shall have received the certificate of the Commissioner authorizing it so to do.
(b) Upon completion of organization in accordance with this subdivision the Commissioner shall issue to such company, in course of organization, a certificate of authority as an insurance company.
(June 19, 1934, 48 Stat. 1144, ch. 672, ch. III, § 3; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730; Mar. 8, 2007, D.C. Law 16-232, § 205(b)(1), 54 DCR 368.)
Prior Codifications
1981 Ed., § 35-603.
1973 Ed., § 35-503.
Effect of Amendments
D.C. Law 16-232, in subsec. (a), substituted “The Commissioner shall examine the proposed articles and other papers so filed with him” for “The Commissioner shall submit the proposed articles and other papers so filed with him to the Corporation Counsel of the District, who shall examine the same”.
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 › § 31–4404. Formation — Authority to solicit stock subscriptions or insurance applications

§ 31–4404. Formation — Authority to solicit stock subscriptions or insurance applications.
No person shall solicit subscriptions for the capital stock of or applications for insurance in any such company in course of organization unless he has been duly authorized by the company and a certificate of his authority, duly signed by a principal officer of the company, has been filed with and approved by the Commissioner.
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 4; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-604.
1973 Ed., § 35-504.
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 › § 31–4405. Formation — Disposition of sums paid upon stock subscriptions

§ 31–4405. Formation — Disposition of sums paid upon stock subscriptions.
Every subscription to the capital stock of a stock company shall contain the stipulation that no sum shall be used for commission, promotion, or organization expenses in excess of a percentage of the amount paid upon the stock subscriptions, to be named in such stipulation and proved by the Commissioner, and the remainder of sums so paid to the company shall be invested in securities in which a life insurance company is authorized to invest, or deposited in a bank or trust company in the District until the company has duly procured a certificate of authority from the Commissioner.
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 5; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-605.
1973 Ed., § 35-505.
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 › § 31–4406. Formation — Examination of company; revocation and reinstatement of company’s permit or agent’s authority

§ 31–4406. Formation — Examination of company; revocation and reinstatement of company’s permit or agent’s authority.
The Commissioner shall personally, or through his Deputy and assistants, examine into the affairs of any such company in course of organization and inspect its books and papers, and may summon and examine under oath any officer or agent or any person who is or has been connected with or who has knowledge of the affairs of such company, and if he finds the company is violating the law, or if the company shall not be qualified for a certificate of authority within 2 years from date of its permit, he shall revoke its permit; and if he finds an agent of such company has violated the law, he shall revoke his authority, and he may for such agent’s violation revoke the company’s permit. Any revocation shall be after 20 days’ notice. The Commissioner may, on proper showing, reinstate any company’s permit or agent’s authority which he has revoked.
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 6; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-606.
1973 Ed., § 35-506.
Cross References
Hospital and medical services corporations, applicability of this section, see § 31-3503.
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 › § 31–4407. Formation — Time limitation for issuance of policies

§ 31–4407. Formation — Time limitation for issuance of policies.
If any domestic life insurance company, in course or organization, shall not commence to issue policies within 2 years from the date of filing its articles of incorporation in the office of the Commissioner, its powers shall thereby cease, and the court, upon petition of the Commissioner or of any person interested, may fix by decree the time in which the Commissioner may settle and close its affairs; provided, however, that the Commissioner may extend the time for any such company to commence the issuance of policies for a period not exceeding 2 years if the said company shall show good cause in writing why the same should be done.
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 7; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-607.
1973 Ed., § 35-507.
Section References
This section is referenced in § 31-3503.
Cross References
Hospital and medical services corporations, applicability of this section, see § 31-3503.
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 › § 31–4408. Minimum capital and surplus requirements

§ 31–4408. Minimum capital and surplus requirements.
(a) A domestic capital-stock company organized under this subdivision shall have a paid-up capital stock of not less than $1,000,000. Each domestic capital-stock company organized under this subdivision, in addition to the paid-up capital stock, shall have a surplus paid-up equal to at least 50% of such capital stock. Each domestic mutual company organized or doing business under this subdivision shall at all times have a surplus as defined by this subdivision of not less than $1,500,000.
(b) No company shall be exempt from the provisions of this section by reason of its having been incorporated in the District or elsewhere prior to the effective date of this subsection or subsequent amendment, except that in the case of companies authorized in the District of Columbia on August 31, 1964, and continuously authorized thereafter without any increase or broadening of authority, the minimum capital required of a stock company, or the minimum surplus required of a mutual company, shall not be increased by this section.
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 8; May 4, 1950, 64 Stat. 104, ch. 157, § 4; Aug. 31, 1964, 78 Stat. 764, Pub. L. 88-556, § 1; Aug. 14, 1973, 87 Stat. 303, Pub. L. 93-89, title II, § 201(1), (2).)
Prior Codifications
1981 Ed., § 35-608.
1973 Ed., § 35-508.
Section References
This section is referenced in § 31-308.
Cross References
Independent certified public accountant report, minimum capital and surplus requirement, see § 31
References in Text
“The effective date of this subsection,” referred to in subsection (b) of this section, is prescribed by § 5 of the Act of August 31, 1964, 78 Stat. 764, Pub. L. 88-557.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4409. Amendment of articles of incorporation

§ 31–4409. Amendment of articles of incorporation.
Any company may amend its articles of incorporation upon publishing notice of such intention, authorized by a majority of its directors, once a week for 3 consecutive weeks in a newspaper of general circulation in the District, and with the written consent of stockholders representing at least two thirds of the capital stock entitled to vote, or two thirds of its members present in person or by proxy at a meeting called for that purpose if it does not have capital stock, and by observing such other and further requirements in that behalf as may be prescribed in its articles of incorporation. Such amendment shall be signed and acknowledged by the president and secretary or like officers of the company, and, with a copy of the proceedings of the stockholders or members, if any, and of the directors, shall be filed with the Commissioner and by him submitted to the Corporation Counsel, and if he finds the amendment and proceedings in conformity with the law, he shall so certify to the Commissioner. The amendment shall not take effect until the Commissioner shall deliver to the company his certified copy of the amendment and of the certificate of the Corporation Counsel.
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 9; Aug. 31, 1964, 78 Stat. 765, Pub. L. 88-556, § 3; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-609.
1973 Ed., § 35-509.
Section References
This section is referenced in § 31-3503.
Cross References
Hospital and medical services corporation, applicability of this section, see § 31-3503.
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 › § 31–4411. Decrease of capital stock

§ 31–4411. Decrease of capital stock.
A company may, with the approval of the Commissioner, amend its articles of incorporation by providing for a decrease of its capital stock and a corresponding increase in surplus to an amount not less than the minimum capital stock and surplus required by this subdivision. The Commissioner shall not approve or issue his certified copy of such amendment if he be of the opinion that the interests of policyholders or creditors may be prejudiced thereby. No distribution of the assets of the company shall be made to stockholders upon any such decrease of capital stock which shall reduce the surplus and capital stock to less than the minimum capital stock and surplus required as aforesaid. Upon any such amendment so decreasing the capital stock such company may require each stockholder to return his certificate of stock and accept a new certificate for such proportion of the amount of its original capital stock as the reduced capital stock shall bear to the original capital stock.
(June 19, 1934, 48 Stat. 1146, ch. 672, ch. III, § 11; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-611.
1973 Ed., § 35-511.
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 › § 31–4412. Liability of stockholders; rights of fiduciary stockholders and persons pledging stock

§ 31–4412. Liability of stockholders; rights of fiduciary stockholders and persons pledging stock.
(a) All the stockholders of every company incorporated under this chapter shall be severally and individually liable to the policyholders and creditors of the company in which they are stockholders for the unpaid amount due upon the shares of capital stock held by them, respectively, for all debts and contracts made by such company until the whole amount of capital stock fixed and limited by such company shall have been paid in.
(b) No person holding capital stock in such company as executor, administrator, guardian, committee, or trustee shall be personally subject to any liability as stockholder of such company, but the estate and funds in the hands of such executor, administrator, guardian, committee, or trustee shall be liable in like manner and to the same extent as the testator or intestate or the ward or person interested in such trust would have been if he had been living and competent to act and hold the stock in his own name.
(c) Every such executor, administrator, guardian, committee, or trustee shall represent the capital stock in his hands at all meetings of the company, and may vote accordingly as a stockholder.
(d) No person holding capital stock in such company as collateral security shall be personally subject to any liability as stockholder of such company, but the person pledging such capital stock shall be considered as holding the same, and shall be liable as a stockholder accordingly; and every person who shall pledge his capital stock as collateral security may, nevertheless, represent the same at all meetings and vote as a stockholder.
(June 19, 1934, 48 Stat. 1146, ch. 672, ch. III, § 12.)
Prior Codifications
1981 Ed., § 35-612.
1973 Ed., § 35-512.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4413. Payments for capital stock

§ 31–4413. Payments for capital stock.
No company incorporated under this chapter shall be authorized to transact any business until the authorized capital stock shall have been actually paid in, either in cash or in investments authorized by this subdivision at market value; and it shall be lawful for the directors to call in and demand from the stockholders the residue of their subscriptions in money or property at such times and in such instalments as the directors shall deem proper, under the penalty of forfeiting the shares of capital stock subscribed for and all previous payments made thereon, if payment shall not be made by the stockholder within 60 days after a personal demand or a notice requiring such payment shall have been published once a week for 3 consecutive weeks in a daily newspaper in the District.
(June 19, 1934, 48 Stat. 1147, ch. 672, ch. III, § 13.)
Prior Codifications
1981 Ed., § 35-613.
1973 Ed., § 35-513.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4414. Capital stock transfers

§ 31–4414. Capital stock transfers.
(a) The capital stock of such company shall be deemed personal estate and shall be transferable in such manner as shall be prescribed by the bylaws of the company; but no shares shall be transferable until all previous calls thereon shall have been fully paid in or the shares shall have been declared forfeited for nonpayment.
(b) A person in whose name shares of capital stock stand on the books of a company shall be deemed the owner thereof as regards the company, but if any such person shall in good faith sell or otherwise dispose of any of his shares of capital stock to another and deliver to him the certificates for such shares, with written authority for the transfer of the same on the books, the title of the former shall vest in the latter so far as may be necessary to effect the purpose of the sale or other disposition, not only as between the parties themselves but also as against the creditors of and subsequent purchasers from the former.
(June 19, 1934, 48 Stat. 1147, ch. 672, ch. III, § 14.)
Prior Codifications
1981 Ed., § 35-614.
1973 Ed., § 35-514.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4415. Capital stock records

§ 31–4415. Capital stock records.
(a) It shall be the duty of the directors of every domestic stock company to cause a record to be kept by the treasurer or secretary of the company or by the stock transfer agent of the company containing the names of all persons, alphabetically arranged, who are or shall within 6 years have been stockholders of such company, and showing their place of residence, the number of shares of capital stock held by them, respectively, the time when they became owners of such shares, and the amount of capital stock actually paid in.
(b) Such record shall, during the usual business hours of the day, on every business day, be open for inspection by policyholders, stockholders, creditors of the company, and the personal representatives of such policyholders, stockholders, and creditors at the office or principal place of business of such company in the place where its business operations shall be located in the District of Columbia, or at the office of the stock transfer agent located in the District of Columbia, and any policyholder, stockholder, creditor, or representative shall have a right to make extracts from such record.
(c) Such record shall be presumptive evidence of the facts therein stated in favor of the plaintiff in any suit or proceeding against such company or against any 1 or more stockholders.
(d) Every officer, stock transfer agent, or any other agent of any company who shall neglect to make any proper entry in such record, or shall refuse or neglect to exhibit the same, or allow the same to be inspected and extracts to be taken therefrom, as herein provided, shall be deemed guilty of a misdemeanor and the company shall pay to the party injured a penalty of $50 for any such neglect or refusal, and all damages resulting therefrom.
(e) Every company that shall neglect to have such record kept open for inspection, as herein provided, shall forfeit to the District the sum of $50 for every day it shall so neglect, to be sued for and recovered by the Commissioner, the Corporation Counsel representing him, in the Superior Court of the District of Columbia.
(June 19, 1934, 48 Stat. 1147, ch. 672, ch. III, § 15; June 25, 1936, 49 Stat. 1921, ch. 804; June 25, 1948, 62 Stat. 991, ch. 646, § 32(b); May 24, 1949, 63 Stat. 107, ch. 139, § 127; Aug. 20, 1964, 78 Stat. 556, Pub. L. 88-458,§ 1; July 29, 1970, 84 Stat. 572, Pub. L. 91-358, title I, § 155(c)(37)(C); May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
Prior Codifications
1981 Ed., § 35-615.
1973 Ed., § 35-515.
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 › § 31–4416. Mutual companies — Corporations, boards, or associations as agents or members thereof

§ 31–4416. Mutual companies — Corporations, boards, or associations as agents or members thereof.
Public or private corporations, boards, or associations of the District or elsewhere may make applications, enter into agreements for, hold policies in, and become members of mutual companies. Any officer, stockholder, trustee, or legal representative of any such corporation, board, association, or of an estate may be recognized as acting for or on its behalf, but shall not be personally liable by reason of acting in such representative capacity.
(June 19, 1934, 48 Stat. 1148, ch. 672, ch. III, § 16.)
Prior Codifications
1981 Ed., § 35-616.
1973 Ed., § 35-516.
2023 District of Columbia Code › Title 31 - Insurance and Securities › Chapter 44 - Domestic Life Companies › § 31–4417. Mutual companies — Requirements before doing business

§ 31–4417. Mutual companies — Requirements before doing business.
No domestic mutual company shall transact any business until at least 200 persons shall have subscribed in the aggregate for at least $200,000 of insurance and shall have paid in full 1 annual premium in money upon the insurance so subscribed.
(June 19, 1934, 48 Stat. 1148, ch. 672, ch. III, § 17.)
Prior Codifications
1981 Ed., § 35-617.
1973 Ed., § 35-517.
Cross References
Prohibition against assessment companies, see § 31-4331.