§ 31-734. Insurers rehabilitation and liquidation.

Current through October 23, 2012

(a) A mutual insurance holding company is deemed to be an insurer subject to Chapter 13 of this title, and shall automatically be a party to any proceeding under Chapter 13 of this title involving an insurance company, which as a result of a reorganization pursuant to § 31-731 or § 31-732 is a subsidiary of the mutual insurance holding company. In any proceeding under Chapter 13 of this title involving the reorganized insurance company, the assets of the mutual insurance holding company are deemed to be assets of the estate of the reorganized insurance company for purposes of satisfying the claims of the reorganized insurance company's policyholders.

(b) A mutual insurance holding company shall not dissolve or liquidate without the approval of the Commissioner or as ordered by the District Court pursuant to Chapter 13 of this title.

                
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(Sept. 20, 1996, D.C. Law 11-159, § 5, 43 DCR 3714; Mar. 24, 1998, D.C. Law 12-81, § 41(d), 45 DCR 745.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-3724.

Emergency Act Amendments

See notes to § 35-3721.

Legislative History of Laws

For legislative history of D.C. Law 11-159, see Historical and Statutory Notes following § 31-731.

For legislative history of D.C. Law 12-81, see Historical and Statutory Notes following § 31-702.