§ 31-711. Receivership.

Current through October 23, 2012

Whenever it appears to the Mayor that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided under the insurance laws of the District to take possession of the property of such a domestic insurer and to conduct its business, or take any other actions as the Mayor, at the Mayor's discretion, deems appropriate.

                
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(Oct. 21, 1993, D.C. Law 10-44, § 13, 40 DCR 6027; May 21, 1997, D.C. Law 11-268, § 10(gg)(2), 44 DCR 1730.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-3711.

Legislative History of Laws

For legislative history of D.C. Law 10-44, see Historical and Statutory Notes following § 31-701.

For legislative history of D.C. Law 11-268, see Historical and Statutory Notes following § 31-701.

Editor's Notes

Because of the codification of D.C. Law 11-159 as subchapter II of Chapter 37 of Title 35 [subchapter II of Chapter 7 of Title 31, 2001 Ed.], and the designation of the preexisting text as subchapter I, "subchapter" has been substituted for "chapter" in this section.