District of Columbia § 31-2502.17 Power of domestic mutual companies to borrow or assume liability.

District of Columbia Statutes

§ 31-2502.17 — Power of domestic mutual companies to borrow or assume liability.

District of Columbia § 31-2502.17

Title 31Insurance and Securities.

Ch. 25Fire, Casualty, and Marine Insurance.

Subch. IIPowers and Duties of the Commissioner.

This text of District of Columbia § 31-2502.17 (Power of domestic mutual companies to borrow or assume liability.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 31-2502.17 (2026).

Text

A domestic mutual company may borrow or assume liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization or to enable it to comply with any requirement of law or as a surplus fund upon agreement which shall first be submitted to and approved by the Commissioner that such loan or advance with interest at a rate not exceeding 6% per annum shall be repaid only with the approval of the Commissioner whenever in his judgment the company shall be in possession of sufficient surplus in excess of a surplus equal to the amount required by this chapter. Any such loan or advance shall not form a part of the legal liabilities of the company, but until such loan or advance has been repaid all statements published by such company or filed with the Comm

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A domestic mutual company may borrow or assume liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization or to enable it to comply with any requirement of law or as a surplus fund upon agreement which shall first be submitted to and approved by the Commissioner that such loan or advance with interest at a rate not exceeding 6% per annum shall be repaid only with the approval of the Commissioner whenever in his judgment the company shall be in possession of sufficient surplus in excess of a surplus equal to the amount required by this chapter. Any such loan or advance shall not form a part of the legal liabilities of the company, but until such loan or advance has been repaid all statements published by such company or filed with the Commissioner shall show the amount thereof then remaining unpaid.