District of Columbia § 31-4315 Deposit of securities by companies desiring to transact business — Amount; deposits outside District.

District of Columbia Statutes

§ 31-4315 — Deposit of securities by companies desiring to transact business — Amount; deposits outside District.

District of Columbia·Title 31 Insurance and Securities.·Ch. 43 Department of Insurance, Securities, And Banking with Respect to Life Companies.

(a)Every company desiring to transact business in the District shall, as a prerequisite to the issuance of a certificate of authority, deposit, as herein provided, approved securities of not less than $100,000 market value. In the case of domestic companies, such deposit shall be made in the District as prescribed under § 31-4316 ; provided, that the deposit of every domestic company heretofore organized under the provisions of the laws of the District or other act of Congress may, in the discretion of the Commissioner, be limited:

(1)For stock companies, to an amount equal to the capital stock outstanding on June 19, 1934; and (2) for nonstock companies, to such amount as in the opinion of the Commissioner would be required from stock companies of comparable size. In no case shall the d

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(a) Every company desiring to transact business in the District shall, as a prerequisite to the issuance of a certificate of authority, deposit, as herein provided, approved securities of not less than $100,000 market value. In the case of domestic companies, such deposit shall be made in the District as prescribed under § 31-4316 ; provided, that the deposit of every domestic company heretofore organized under the provisions of the laws of the District or other act of Congress may, in the discretion of the Commissioner, be limited: (1) For stock companies, to an amount equal to the capital stock outstanding on June 19, 1934; and (2) for nonstock companies, to such amount as in the opinion of the Commissioner would be required from stock companies of comparable size. In no case shall the deposit of a domestic company be less than $25,000 in value. In the case of foreign or alien companies, the deposit may be made as provided under § 31-4316 , or may be made with the supervising official of any state, territory, or insular possession of the United States authorized to accept such deposit, which shall be held for the benefit of all policyholders.

(b) In the case of a deposit made with an official outside the District, a certificate of deposit from said official shall be filed with the Commissioner, showing the character of the deposit, before a certificate of authority to transact business in the District may be issued, and, if the securities so deposited are not of the class authorized by this subdivision for investments of companies, the Commissioner may require an additional deposit in approved securities.

District of Columbia § 31-4315 (Deposit of securities by companies desiring to transact business — Amount; deposits outside District.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

June 19, 1934, 48 Stat. 1133, ch. 672, ch. II, § 16; May 20, 1940, 54 Stat. 217, ch. 204; May 21, 1997, D.C. Law 11-268, § 10(i), 44 DCR 1730; Mar. 24, 1998; D.C. Law 12-81, § 22(b), 45 DCR 745