(a) The claim of a third party which is contingent only on his first obtaining a judgment against the insured shall be considered and allowed as if there were no contingency.
(b) A claim may be allowed even if contingent, if it is filed in accordance with § 31-1333. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.
(c) Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that the claims may be discounted at the legal rate of interest.
(d) Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under § 31-1311 or § 31-1316.
(Oct. 15, 1993, D.C. Law 10-35, § 36, 40 DCR 5773.)
1981 Ed., § 35-2835.
This section is referenced in § 31-1316.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 13 - Insurers Rehabilitation and Liquidation Procedures
§ 31–1303. Jurisdiction and venue
§ 31–1304. Injunctions and orders
§ 31–1305. Cooperation of officers, owners, and employees
§ 31–1306. Continuation of delinquency proceedings
§ 31–1308. Temporary seizure order
§ 31–1309. Confidentiality of records
§ 31–1309.01. Duty to provide information to other insurance regulators and guaranty associations
§ 31–1310. Grounds for rehabilitation
§ 31–1311. Rehabilitation orders
§ 31–1312. Powers and duties of the rehabilitator
§ 31–1313. Actions by and against the rehabilitator
§ 31–1314. Termination of rehabilitation
§ 31–1315. Grounds for liquidation
§ 31–1317. Continuance of coverage
§ 31–1318. Dissolution of insurer
§ 31–1319. Powers of liquidator
§ 31–1320. Notice to creditors and others
§ 31–1322. Actions by and against liquidator
§ 31–1323. Collection and list of assets
§ 31–1324. Fraudulent transfer prior to petition
§ 31–1325. Fraudulent transfer after petition
§ 31–1326. Voidable preferences and liens
§ 31–1327. Claims of holders of void or voidable rights
§ 31–1330. Reinsurer’s liability
§ 31–1331. Recovery of premiums owed
§ 31–1332. Domiciliary liquidator’s proposal to distribute assets
§ 31–1336. Special provisions for third party claims
§ 31–1339. Secured creditor’s claims
§ 31–1340. Priority of distribution
§ 31–1341. Liquidator’s recommendations to the court
§ 31–1342. Distribution of assets
§ 31–1343. Unclaimed and withheld funds
§ 31–1344. Termination of proceedings
§ 31–1345. Reopening liquidation
§ 31–1346. Disposition of records during and after termination of liquidation
§ 31–1347. External audit of the receiver’s books
§ 31–1348. Conservation of property of foreign or alien insurers found in the District of Columbia
§ 31–1349. Liquidation of property of foreign or alien insurers found in the District of Columbia
§ 31–1350. Domiciliary liquidators in other states
§ 31–1351. Ancillary formal proceedings
§ 31–1352. Ancillary summary proceedings
§ 31–1353. Claims of nonresidents against insurers domiciled in the District of Columbia
§ 31–1354. Claims of residents against insurers domiciled in reciprocal states
§ 31–1355. Attachment, garnishment, and levy of execution