Page:United States Statutes at Large Volume 72 Part 1.djvu/60

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[72 Stat. 20]
[72 Stat. 20]
PUBLIC LAW 85-000—MMMM. DD, 1958


PUBLIC LAW 86-334-FEB. 22, 1968

[72 S T A T.

company shall ti-ansact any business of insurance in or from the District until it shall have received a certificate of authority as authorized by this section and no company shall transact any business of insurance not specified in such certihcate of authority." SEC. 2. That section 6 of chapter II of the Life Insurance Act (sec. 35-405, D. C. Code, 1951 edition) is amended to read as follows: certffrcateV^"" "' "SEC. 6. The Superintendent shall have power to revoke or suspend the certificate of authority to transact business in the District of any company which has failed or refused to comply with any provision or requirement of this Act, or which— " (a) is impaired in capital or surplus; "^b) is insolvent; "(c) is in such a condition that its further transaction of business in the District would be hazardous to its policyholders or creditors or to the public; " (d) has refused or neglected to pay a valid final judgment against such company within thirty days after sUch judgment shall have become final either by expiration without appeal within the time when such appeal might have been perfected, or by final affirmance on appeal; "(e) has violated any law of the District or has in the District violated its charter or exceeded its corporate powers; " (f) has refused to submit its books, papers, accounts, records, or affairs to the reasonable inspection or examination of the Superintendent, his deputies, or duly appointed examiners; ' (g) has an officer Avho has refused upon reasonable demand to be examined under oath touching its affairs; " (h) fails to file with the Superintendent a copy of an amendment to its charter or articles of association within thirty days after the effective date of such amendment; " (i) has had its corporate existence dissolved or its certificate of authority revoked in the State in which it was organized; "(j) has had all its risks reinsured in their entirety in another company, without prior approval of the Superintendent; or " (k) has made, issued, circulated, or caused to be issued or circulated any estimate, illustration, circular, or statement of any sort misrepresenting either its status or the terms of any policy issued or to be issued by it, or the benefits or advantages promised thereby, or the dividends or shares of the surplus to be received thereon, or has used any name or title of any policy or class of policies misrepresenting the true nature thereof. ^°"«=*"The Superintendent shall not revoke or suspend the certificate of authority of any company until he has given the company not less than thirty days' notice of the proposed revocation or suspension and of the grounds alleged therefor, and has afforded the company an opportunity for a full hearing: Provided, That if the Superintendent shall find, upon examination that the further transaction of business by the company would be hazardous to the public or to the policyholders or creditors of the company in the District, he may suspend such {juthority without giving notice as herein required: Provided further, That in lieu of revoking or suspending the certificate of authority of any company for causes enumerated in this section, after hearing as herein provided, the Superintendent may subject such company to a penalty of not more than $200 when in his judgment he finds that the public interest would be best served by the continued operation of the company. The amount of any such penalty shall be paid by the company through the office of the Superintendent to the Collector of Taxes of the District of Columbia. At any hearing provided by this section, the Superintendent shall have authority to administer oaths to wit-