§38 — Title 15 Commerce and Trade | U.S. Code

Summary

Allows marine insurance companies to team up without being treated as breaking federal antitrust laws when they do marine insurance and reinsurance business in the United States or abroad and when they reinsure or share risks among their members. association — any group, exchange, pool, combination, or plan for acting together. marine insurance companies — people or businesses allowed to write marine insurance or reinsurance under U.S. or state law.

Title 15, §38

Commerce and Trade — Source: USLM XML via OLRC

(a)Whenever used in this section—

(1)The term “association” means any association, exchange, pool, combination, or other arrangement for concerted action; and

(2)The term “marine insurance companies” means any persons, companies, or associations, authorized to write marine insurance or reinsurance under the laws of the United States or of a State, Territory, District, or possession thereof.

(b)Nothing contained in the “antitrust laws” as designated in section 12 of this title, shall be construed as declaring illegal an association entered into by marine insurance companies for the following purposes: To transact a marine insurance and reinsurance business in the United States and in foreign countries and to reinsure or otherwise apportion among its membership the risks undertaken by such association or any of the component members.

Editorial Notes

Codification Section was classified to section 885 of the former Appendix to Title 46, prior to the completion of the enactment of Title 46, Shipping, by Pub. L. 109–304, Oct. 6, 2006, 120 Stat. 1485.

§38 Association of Marine Insurance Companies; Application of Antitrust Laws

Summary

Title 15, §38

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata