Chapter 46. to regulate insurance in the District of Columbia
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/statutes-at-large/vol-24/chapter-46-1538612·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 46.— An Act to regulate insurance in the District of Columbia.Jan. 26, 1887. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Insurance companies, District of Columbia.Capital required. That no company hereafter organized or incorporated within the District of Columbia shall transact the business of insurance in any of its branches unless the whole capital of such company be not less than one hundred thousand dollars, actuallyAssessment companies and in good faith paid up in full, in cash, excepting life-insurance companies which issue to their members policies or certificates agreeing to pay benefits or sums of money which are to be realized by assessments levied upon the members; no other capital than such assessments shall be required of them.
The Commissioners of said District, or any two of them, shall ascertain and determine such facts, upon evidence satisfactory to them to be filed in their office, and thereupon shall issue to such companies authority to transact business. Sec. 2. That every insurance company doing business in said DistrictAnnual statements to be made. must transmit to the Commissioners of the District a statement of its condition and business for the year ending on the preceding thirty-first day of December, which statement shall be rendered on the first day of January following or within sixty days thereafter, except that foreign companies shall transmit their statements of business, other than that done in the United States, prior to the following first day of July, which statements must be in form and state the particulars required by Special state-meats.the blanks prescribed by the Commissioners; and the Commissioners, or any two of them, may require at any time statements from any Company doing business within the District, or from any of its officers or agents, on such points as they may deem necessary and proper to elicit a full exhibit of its business and standing, all of which statements herein required must be verified by the signatures and oaths of the Companies not filing statements prohibited from doing business.Money penalty.president or vice-president, or the secretary or actuary.
No company having neglected to file a statement required of it within the time and manner prescribed shall do any business, after notification by the Commissioners, or any two of them, while such neglect continues; and any company or association neglecting to make and transmit any statement required shall forfeit one hundred dollars for each day’s neglect. Sec. 3. That every fire-insurance company, to entitle itself to theAssets.Fire insurance companies. written authority by this act required to transact business in the District, shall have assets equal to its liabilities, including a reinsurance reserve liability equal to fifty per centum of premiums received upon one year-risk, and an amount proportioned to the unexpired time upon all Inland and marine insurance companies.other fire risks.
Every company doing an inland or marine business shall have assets equal to its liabilities, including a reinsurance reserve liability equal to the total premiums charged upon all unexpired inland Life insurance companies.or marine risks. Even life-insurance company, excepting those organized upon the plan of assessments on their members, shall have assets equal to its liabilities, including a reserve liability computed upon the basis of the American experience table of mortality, at four and one-half per centum interest.
Before issuing any written authority to any company to transact business in the District, the Commissioners, or a majority of them, shall satisfy themselves that such company has complied with the law; and at any time thereafter they shall revoke such authority when satisfied that such company has fallen below such requirements. 367 Sec. 4. That no insurance company organized or incorporated underForeign insurance companies not to transact business until an attorney in fact be appointed. the laws of any of the United States of America, or of any foreign state or country, shall transact the business of insurance in any of its branches within the District of Columbia until such company shall have duly constituted some proper person domiciled in the District their agent and attorney-in-fact for the purpose of receiving for them summonses, writs, and processes issuing out of any court having any jurisdiction in said District, and until the evidence of such appointment of such agent and attorney-in-fact, authenticated in a manner satisfactory to the Commissioners of the District, or any two of them, shall be filed in the office of such Commissioners.
Sec. 5. That any insurance company, or any officer or agent of anyPenalty for transacting business without authority. insurance company, effecting any contract of insurance in behalf of such company when the written authority required by this act shall not have been given by said Commissioners, or after such authority has been revoked, shall be subject to a penalty of one hundred dollars for every offense, to be recovered by due process in the courts of the District. Sec. 6. That each insurance company doing business in the DistrictApplication to be attached to policy. of Columbia shall attach to each policy issued by such company a copy of the application made by the insured, so that the whole contract may appear in said application and policy.
Sec. 7. That this act shall take effect and be in full force after ninetyTo take effect in 90 days. days from its passage. Approved, January 26, 1887.