-
Current through October 23, 2012
(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 comply with Chapter 45 of this subdivision, before transacting life insurance business in the District of Columbia.
(c) The surviving or the new company shall comply with § 31-202, and maintain and appoint in the District, or not more than 10 miles beyond the territorial limits of the District, an agent for service of process and shall register with the Commissioner the address of its principal office and the name and address of its agent for service of process in the District, including any changes in address.
(d) Repealed.
(e)(1) Except as provided in paragraph (2) of this subsection, a merger or a consolidation under this section shall be the same as a merger or a consolidation of domestic companies creating a surviving or a new company governed by the District of Columbia.
(2) If the surviving or the new company shall be governed by a foreign jurisdiction, the merger or the consolidation shall be the same as a merger or a consolidation of domestic companies except insofar as the laws of the foreign jurisdiction provide otherwise.
(June 19, 1934, ch. 672, ch. III, § 45, as added Mar. 14, 1985, D.C. Law 5- 160, § 3(c), 32 DCR 39; Mar. 21, 1995, D.C. Law 10-233, § 3, 42 DCR 24; Apr. 18, 1996, D.C. Law 11-110, § 37, 43 DCR 530; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-643.
Legislative History of Laws
For legislative history of D.C. Law 5-160, see Historical and Statutory Notes following § 31-4443.
Law 10-233, the "Insurers Service of Process Act of 1994," was introduced in Council and assigned Bill No. 10-666, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on November 1, 1994, and December 6, 1994, respectively. Signed by the Mayor on December 27, 1994, it was assigned Act No. 10-376 and transmitted to both Houses of Congress for its review. D.C. Law 10-233 became effective on March 21, 1995.
Law 11-110, the "Technical Amendments Act of 1996," was introduced in Council and assigned Bill No. 11-485, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on December 5, 1995, and January 4, 1996, respectively. Signed by the Mayor on January 26, 1995, it was assigned Act No. 11-199 and transmitted to both Houses of Congress for its review. D.C. Law 11-110 became effective on April 18, 1996.
For legislative history of D.C. Law 11-268, see Historical and Statutory Notes following § 31-4402.
Miscellaneous Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
