District of Columbia § 31-5010 Assessment of companies for reinsurance reimbursement fund; charge to insured to recover assessment.

District of Columbia Statutes

§ 31-5010 — Assessment of companies for reinsurance reimbursement fund; charge to insured to recover assessment.

District of Columbia·Title 31 Insurance and Securities.·Ch. 50 Insurance Placement.

(a)In order to carry out the purposes of this chapter and to make available to insurers who participate hereunder the reinsurance afforded under part B of title XII of the National Housing Act [12 U.S.C. § 1749bbb-7 et seq.] against losses to property resulting from riots or civil disorders, the Mayor is authorized to assess each insurance company authorized to do business in the District of Columbia an amount, in the proportion that the premiums earned by each such company in the District of Columbia, on lines reinsured in the District of Columbia by the Secretary of Housing and Urban Development, during the preceding calendar year bear to the aggregate premiums earned on those lines in the District of Columbia by all insurance companies, sufficient to provide a fund to reimburse the Sec

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(a) In order to carry out the purposes of this chapter and to make available to insurers who participate hereunder the reinsurance afforded under part B of title XII of the National Housing Act [12 U.S.C. § 1749bbb-7 et seq.] against losses to property resulting from riots or civil disorders, the Mayor is authorized to assess each insurance company authorized to do business in the District of Columbia an amount, in the proportion that the premiums earned by each such company in the District of Columbia, on lines reinsured in the District of Columbia by the Secretary of Housing and Urban Development, during the preceding calendar year bear to the aggregate premiums earned on those lines in the District of Columbia by all insurance companies, sufficient to provide a fund to reimburse the Secretary of Housing and Urban Development in the manner set forth in § 1223(a)(1) of such Part B [12 U.S.C. § 1749bbb-9]. Such fund may be added to or such fund may be created by moneys appropriated therefor by the Congress.

(b) Insurers shall add to the premium rate an amount, to be approved by the Mayor, sufficient to recover, within not more than 3 years, any amounts assessed under subsection (a) of this section during the preceding calendar year. Such amount shall be a separate charge to the insured in addition to the premium to be paid and shall be reflected as such in the policy of insurance. No commission shall be paid thereon to any agent or broker producing or selling the policy of insurance wherein such amount is added.

District of Columbia § 31-5010 (Assessment of companies for reinsurance reimbursement fund; charge to insured to recover assessment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.