Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-4401 Formation — Required contents of articles of incorporation
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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 …
D.C. Code § 31-4402 Formation — Filing, notice and bond requirements
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The incorporators shall file such articles with the Commissioner and shall publish in a newspaper of general circulation in the District notice of the filing of such articles and of the intention to form such company. Copy of such notice verified by the oath of the publisher of t…
D.C. Code § 31-4403 Formation — Corporate powers during completion of organization; issuance of certificate of authority
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(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 t…
D.C. Code § 31-4404 Formation — Authority to solicit stock subscriptions or insurance applications
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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 …
D.C. Code § 31-4405 Formation — Disposition of sums paid upon stock subscriptions
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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 pr…
D.C. Code § 31-4406 Formation — Examination of company; revocation and reinstatement of company’s permit or agent’s authority
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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 …
D.C. Code § 31-4407 Formation — Time limitation for issuance of policies
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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 Comm…
D.C. Code § 31-4408 Minimum capital and surplus requirements
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(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…
D.C. Code § 31-4409 Amendment of articles of incorporation
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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 represe…
D.C. Code § 31-4410 Increase of capital stock
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(a) If a company amends its articles of incorporation by providing for an increase of its capital stock, such increase shall be subscribed and fully paid up within 1 year of the date of such amendment, unless the Commissioner shall certify his consent to an extension of such time…
D.C. Code § 31-4411 Decrease of capital stock
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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 Co…
D.C. Code § 31-4412 Liability of stockholders; rights of fiduciary stockholders and persons pledging stock
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(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, respectiv…
D.C. Code § 31-4413 Payments for capital stock
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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 t…
D.C. Code § 31-4414 Capital stock transfers
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(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 sha…
D.C. Code § 31-4415 Capital stock records
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(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 …
D.C. Code § 31-4416 Mutual companies — Corporations, boards, or associations as agents or members thereof
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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, boa…
D.C. Code § 31-4417 Mutual companies — Requirements before doing business
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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.
D.C. Code § 31-4418 Reincorporation of existing corporations
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(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 t…
D.C. Code § 31-4419 Conversion of stock companies into mutual life companies
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Any domestic stock company organized or licensed to do business, whether incorporated under this subdivision, or any previous existing law, or act of Congress, may become a mutual company, and to that end may carry out a plan for the acquisition of shares of its capital stock; pr…
D.C. Code § 31-4420 Applicability of provisions to existing corporations
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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 ter…
D.C. Code § 31-4421 Directors — Annual election; qualifications; limitation on proxies
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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 elect…
D.C. Code § 31-4422 Directors — Power to make bylaws
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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 prescribi…
D.C. Code § 31-4423 Directors — General election procedure
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(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 per…
D.C. Code § 31-4424 Directors — Cumulative voting in stock company election
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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 stockho…
D.C. Code § 31-4425 Voting powers under group policies
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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.
D.C. Code § 31-4426 Liability of directors
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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…
D.C. Code § 31-4427 Salaries to be authorized by directors
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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.
D.C. Code § 31-4428 Limitation of payments to stockholders and policyholders
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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 c…
D.C. Code § 31-4429 Election or appointment of officers; required security
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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, …
D.C. Code § 31-4430 Officers and directors not to be pecuniarily interested in transactions
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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 interes…
D.C. Code § 31-4431 Voting-trust agreements
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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 …
D.C. Code § 31-4432 Maximum and contingent premiums of mutual companies
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Repealed Repealed.
D.C. Code § 31-4433 Classification of risks and members, payment of dividends, and creation of surplus by mutual companies
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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.
D.C. Code § 31-4434 Power of mutual company to borrow or assume liability
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(a)(1) In addition to the general power and authority to borrow money for its regular business purposes, if a domestic insurance company obtains prior written approval for a stated maximum amount, it may borrow money by the issuance of notes to: (A) Pay the reasonable expenses of…
D.C. Code § 31-4435 Investments and loans
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Repealed Repealed.
D.C. Code § 31-4436 Domestic company real-estate holdings
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Repealed Repealed.
D.C. Code § 31-4437 Reinsurance by domestic companies in authorized companies
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Repealed Repealed.
D.C. Code § 31-4438 Reinsurance of risks
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Repealed Repealed.
D.C. Code § 31-4439 Vouchers or affidavits as evidence of disbursements
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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 …
D.C. Code § 31-4440 Manner of keeping books, records, accounts, and vouchers
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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.
D.C. Code § 31-4441 Acquisition of own capital stock
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Repealed Repealed.
D.C. Code § 31-4442 Variable or modified guaranteed contracts
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(a) Every domestic life insurance company which issues contracts providing for payments which vary directly according to investment experience shall establish 1 or more separate accounts in connection with such contracts, as directed by the Commissioner. All amounts received by t…
D.C. Code § 31-4443 Effect of merger or consolidation
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(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 descr…
D.C. Code § 31-4444 Procedure for merger of domestic companies
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(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 t…
D.C. Code § 31-4445 Procedure for consolidating domestic companies
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(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: …
D.C. Code § 31-4446 Merger or consolidation of domestic and foreign companies
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(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 com…
D.C. Code § 31-4447 Merger or consolidation — Approval by Mayor
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(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 c…
D.C. Code § 31-4448 Merger or consolidation — Procedures before voting
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(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…
D.C. Code § 31-4449 Merger or consolidation — Approval by shareholders
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(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…
D.C. Code § 31-4450 Merger or consolidation — Rights of dissenting shareholders
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(a)(1)(A) If, by the date of shareholder meeting described in § 31-4449, a shareholder of a domestic merging or consolidating company files with the company a written objection to the merger or the consolidation and does not vote for the action and if, within 20 days after the me…