District of Columbia § 31-5503 Creation of the Association.

District of Columbia Statutes

§ 31-5503 — Creation of the Association.

District of Columbia·Title 31 Insurance and Securities.·Ch. 55 Property and Liability Insurance Guaranty Association.

There is created a nonprofit unincorporated legal entity to be known as the District of Columbia Insurance Guaranty Association. All insurers defined as member insurers in § 31-5501(9) shall be and remain members of the Association as a condition of their authority to transact insurance in the District. The Association shall perform its functions under a plan of operation established and approved under § 31-5506 and shall exercise its powers through a board of directors established under § 31-5504 . For purposes of administration and assessment, the Association shall be divided into 3 separate accounts:

(1)The workmen’s compensation insurance account;

(2)The automobile insurance account; and

(3)The account for all other insurance to which this chapter applies.

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There is created a nonprofit unincorporated legal entity to be known as the District of Columbia Insurance Guaranty Association. All insurers defined as member insurers in § 31-5501(9) shall be and remain members of the Association as a condition of their authority to transact insurance in the District. The Association shall perform its functions under a plan of operation established and approved under § 31-5506 and shall exercise its powers through a board of directors established under § 31-5504 . For purposes of administration and assessment, the Association shall be divided into 3 separate accounts:

(1) The workmen’s compensation insurance account;

(2) The automobile insurance account; and

(3) The account for all other insurance to which this chapter applies.

District of Columbia § 31-5503 (Creation of the Association.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.