Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-5501 Definitions
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For the purposes of this chapter, the term: (1) “Account” means any 1 of the 3 accounts created by § 31-5503. (2) “Affiliate” means a person who, directly or indirectly, through 1 or more intermediaries, controls, is controlled by, or is under common control with an insolvent ins…
D.C. Code § 31-5502 Applicability
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This chapter shall apply to all kinds of direct insurance, but shall not be applicable to the following: (1) Life, annuity, health, or disability insurance; (2) Mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks; (3) Fi…
D.C. Code § 31-5503 Creation of the Association
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There is created a nonprofit unincorporated legal entity to be known as the District of Columbia Insurance Guaranty Association. All insurers defined as member insurers in § 31-5501(9) shall be and remain members of the Association as a condition of their authority to transact in…
D.C. Code § 31-5504 Board of directors
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(a) The board of directors of the Association shall consist of not fewer than 5 nor more than 9 persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the Mayor. Vacancies on the boar…
D.C. Code § 31-5505 Powers and duties of the Association
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(a) The Association shall: (1) Be obligated to pay covered claims existing prior to the determination of the insolvency arising within 30 days after the determination of insolvency, or before the policy expiration date if less than 30 days after the determination of insolvency, o…
D.C. Code § 31-5506 Plan of operation
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(a)(1) The Association shall submit to the Mayor a plan of operations, and any amendments thereto, necessary or suitable to assure the fair, reasonable, and equitable administration of the Association. The plan of operation and any amendments thereto shall become effective upon a…
D.C. Code § 31-5507 Powers and duties of the Mayor
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(a) The Mayor shall: (1) Notify the Association of the existence of an insolvent insurer not later than 3 days after he or she receives notice of the determination of the insolvency. The Association shall be entitled to a copy of any complaint seeking an order of liquidation with…
D.C. Code § 31-5508 Effect of paid claims
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(a) Any person recovering under this chapter shall be deemed to have assigned his or her rights under the policy to the Association to the extent of his or her recovery from the Association. Every insured or claimant seeking the protection of this chapter shall cooperate with the…
D.C. Code § 31-5509 Nonduplication of recovery
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(a) Any person having a claim against an insurer under any provision in an insurance policy, other than a policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his or her right under such a policy. Any amount payable on a covered claim u…
D.C. Code § 31-5510 Prevention of insolvencies
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To aid in the detection and prevention of insurer insolvencies: (1) The board of directors may, upon majority vote: (A) Make recommendations to the Mayor for the detection and prevention of insurer insolvencies; and (B) Respond to requests by the Mayor to discuss and make recomme…
D.C. Code § 31-5511 Examination of the Association
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The Association shall be subject to examination and regulation by the Mayor. The board of directors shall submit, not later than March 30th of each year, a financial report for the preceding calendar year in a form approved by the Mayor.
D.C. Code § 31-5512 Tax exemption
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The Association shall be exempt from payment of all fees and all taxes levied by the District, except taxes levied on real or personal property.
D.C. Code § 31-5513 Recognition of assessments in rates
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The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the Association by the member insurer less any amounts returned to the member insurer by the Association, and these ra…
D.C. Code § 31-5514 Immunity from liability
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There shall be no liability on the part of, and no cause of action of any nature shall arise against any member insurer, the Association or its agents or employees, the board of directors, or the Mayor or his or her representatives for any action taken or any failure to act by th…
D.C. Code § 31-5515 Stay of proceedings; access to records
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(a) All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in the District of Columbia shall be stayed for 6 months, and any additional time thereafter as may be determined by the court, from the date the insolvency is determined …