Insurance Proposals for the District of Columbia: Hearings Before the Subcommittee on Business, Commerce, and Taxation of the Committee on the District of Columbia, House of Representatives, Ninety-third Congress, First Session ... April 5 and July 16, 1973 |
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Page 3
... tion to assess the cost of such protection among insurers . 7 SEC . 103. This title shall apply to all kinds of direct in- 8 surance , except life , title , disability , and mortgage guaranty 9 insurance . 10 11 SEC . 104. As used in ...
... tion to assess the cost of such protection among insurers . 7 SEC . 103. This title shall apply to all kinds of direct in- 8 surance , except life , title , disability , and mortgage guaranty 9 insurance . 10 11 SEC . 104. As used in ...
Page 6
... tion on the covered claims and to such extent shall have all rights , duties , and obligations of the insolvent insurer as if the insurer had not become insolvent ; ( 3 ) allocate claims paid and expenses incurred among the three ...
... tion on the covered claims and to such extent shall have all rights , duties , and obligations of the insolvent insurer as if the insurer had not become insolvent ; ( 3 ) allocate claims paid and expenses incurred among the three ...
Page 12
... tion with a statement of the net direct written premiums of each member insurer . ( b ) The Commissioner may- ( 1 ) require that the Association notify the in- sureds of the insolvent insurer and any other interested partics of the ...
... tion with a statement of the net direct written premiums of each member insurer . ( b ) The Commissioner may- ( 1 ) require that the Association notify the in- sureds of the insolvent insurer and any other interested partics of the ...
Page 15
... tion of the place of residence of the insured except that if it 3 is a first party claim for damage to property with a per- 4 manent location , he shall seek recovery first from the asso- 5 ciation of the location of the property , and ...
... tion of the place of residence of the insured except that if it 3 is a first party claim for damage to property with a per- 4 manent location , he shall seek recovery first from the asso- 5 ciation of the location of the property , and ...
Page 16
... tion report to the public . 10 12 ( c ) It shall be the duty of the Commissioner to report 13 to the Board when he has reasonable cause to believe that 14 any member insurer examined or being examined at the re- 15 quest of the Board ...
... tion report to the public . 10 12 ( c ) It shall be the duty of the Commissioner to report 13 to the Board when he has reasonable cause to believe that 14 any member insurer examined or being examined at the re- 15 quest of the Board ...
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Common terms and phrases
acquiring party Act D.C. Code affiliates amended ance assessment assets authorized bill Board BROYHILL capital and surplus casualty insurance centum Chairman claimant Columbia Insurance Guaranty committee CONGRESS THE LIBRARY covered claims District Government District of Colum District of Columbia dividends domestic insurer enacted examination exempt filed Fire and Casualty funds GRESS group life insurance group term holding company system inserting in lieu insolvent insurer insurance companies Insurance Guaranty Association insurance guaranty fund insurance policy insurer's investment jurisdiction kinds of insurance laws legislation liability LIBRARY OF CONGRES LIBRARY OF CONGRESS lieu thereof limits LOMBARD member insurer ment minimum capital mutual companies mutual life insurance panies payment person plan of operation policyholders premiums tax property and casualty protection registration regulation RESS Revenue ROBINSON section 107 shareholders stock company STUCKEY subsidiaries surplus requirement taxation term life insurance tion W. S. Stuckey Wallach Washington
Popular passages
Page 65 - ... under common control with, the person specified. Control. The term "control" (including the terms "controlling," "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.
Page 65 - affiliate' of, or a person 'affiliated' with, a specified person, is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. "(f) Control. The term 'control' (including the terms 'controlling,
Page 2 - ... 30 days of the determination, but such obligation shall include only that amount of each covered claim which is in excess of...
Page 14 - ... by the Association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict, or finding based on the default of the insolvent insurer or its failure to defend an insured, the Association...
Page 72 - ... to produce such records, books, or other information papers in the possession of the insurer or its affiliates as shall be necessary to ascertain the financial condition or legality of conduct of such insurer. In the event such insurer fails to comply with such order, the commissioner shall have the power to examine such affiliates to obtain such information.
Page 33 - 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 right under such policy. Any amount payable on a covered claim under this Act shall be reduced by the amount of any recovery under such insurance policy.
Page 68 - Every person who is directly or indirectly the beneficial owner of more than 10 per centum of any class of any equity security (other than an exempted security) which is registered on a national securities exchange, or who is a director or an officer of the issuer of such security...
Page 66 - Person" means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, or any organized group of persons, whether incorporated or not, or any receiver or trustee. 22. "Premium...
Page 68 - After the change of control the domestic insurer referred to in subsection a. would not be able to satisfy the requirements for the issuance of a license to write the line or lines of insurance for which it is presently licensed...
Page 68 - Act of 1933 ; (B) any acquisition of the beneficial ownership of a security which, together with all other acquisitions by the same person of securities of the same class during the preceding twelve months...