§ 31-2502.20 — Authority to transact business — Foreign or alien companies.

District of Columbia § 31-2502.20

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 25: Fire, Casualty, and Marine Insurance.
• Subch. II: Powers and Duties of the Commissioner.

Text

Upon complying with the provisions of this chapter, a foreign or alien company organized as a stock, mutual, or reciprocal company, or as a Lloyd’s organization, but not otherwise, may be authorized by certificate of authority to transact in the District the kind or kinds of business which a domestic company similarly organized may be authorized to transact under this chapter. Such certificate of authority shall be issued as provided under § 31-2502.02 . The issuance of a certificate of authority to a Lloyd’s organization shall be subject to the provisions of § 31-2502.20a . Any company chartered by special act of the legislature of its state of domicile prior to the effective date of this chapter, as provided in § 48 of this act, as a company without capital stock but doing business exclusively on the stock plan and maintaining at all times a surplus of not less than $300,000 shall, in the administration of this chapter, be considered as a stock company.

Legislative History

Oct. 9, 1940, 54 Stat. 1073, ch. 792, ch. II, § 20; June 27, 1960, 74 Stat. 222, Pub. L. 85-526, § 1