§ 31-5503. Creation of the Association.

Current through October 23, 2012

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 insurance in the District. The Association shall perform its functions under a plan of operation established and approved under § 31-5506 and shall exercise its powers through a board of directors established under § 31-5504. For purposes of administration and assessment, the Association shall be divided into 3 separate accounts:

(1) The workmen's compensation insurance account;

(2) The automobile insurance account; and

(3) The account for all other insurance to which this chapter applies.

                
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(Oct. 21, 1993, D.C. Law 10-51, § 4, 40 DCR 6120.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-3903.

Legislative History of Laws

For legislative history of D.C. Law 10-51, see Historical and Statutory Notes following § 31-5501.