(a) Foreign and domestic life companies may be merged or consolidated if the laws where each company is organized permit the merger or the consolidation.
(b) If the surviving or the new company is governed by a foreign jurisdiction, then the surviving or the new company shall comply with Chapter 45 of this subdivision, before transacting life insurance business in the District of Columbia.
(c) The surviving or the new company shall comply with § 31-202, and maintain and appoint in the District, or not more than 10 miles beyond the territorial limits of the District, an agent for service of process and shall register with the Commissioner the address of its principal office and the name and address of its agent for service of process in the District, including any changes in address.
(d) Repealed.
(e)(1) Except as provided in paragraph (2) of this subsection, a merger or a consolidation under this section shall be the same as a merger or a consolidation of domestic companies creating a surviving or a new company governed by the District of Columbia.
(2) If the surviving or the new company shall be governed by a foreign jurisdiction, the merger or the consolidation shall be the same as a merger or a consolidation of domestic companies except insofar as the laws of the foreign jurisdiction provide otherwise.
(June 19, 1934, ch. 672, ch. III, § 45; as added Mar. 14, 1985, D.C. Law 5-160, § 3(c), 32 DCR 39; Mar. 21, 1995, D.C. Law 10-233, § 3, 42 DCR 24; Apr. 18, 1996, D.C. Law 11-110, § 37, 43 DCR 530; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
1981 Ed., § 35-643.
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 44 - Domestic Life Companies
§ 31–4401. Formation — Required contents of articles of incorporation
§ 31–4402. Formation — Filing, notice and bond requirements
§ 31–4404. Formation — Authority to solicit stock subscriptions or insurance applications
§ 31–4405. Formation — Disposition of sums paid upon stock subscriptions
§ 31–4407. Formation — Time limitation for issuance of policies
§ 31–4408. Minimum capital and surplus requirements
§ 31–4409. Amendment of articles of incorporation
§ 31–4410. Increase of capital stock
§ 31–4411. Decrease of capital stock
§ 31–4412. Liability of stockholders; rights of fiduciary stockholders and persons pledging stock
§ 31–4413. Payments for capital stock
§ 31–4414. Capital stock transfers
§ 31–4415. Capital stock records
§ 31–4416. Mutual companies — Corporations, boards, or associations as agents or members thereof
§ 31–4417. Mutual companies — Requirements before doing business
§ 31–4418. Reincorporation of existing corporations
§ 31–4419. Conversion of stock companies into mutual life companies
§ 31–4420. Applicability of provisions to existing corporations
§ 31–4421. Directors — Annual election; qualifications; limitation on proxies
§ 31–4422. Directors — Power to make bylaws
§ 31–4423. Directors — General election procedure
§ 31–4424. Directors — Cumulative voting in stock company election
§ 31–4425. Voting powers under group policies
§ 31–4426. Liability of directors
§ 31–4427. Salaries to be authorized by directors
§ 31–4428. Limitation of payments to stockholders and policyholders
§ 31–4429. Election or appointment of officers; required security
§ 31–4430. Officers and directors not to be pecuniarily interested in transactions
§ 31–4431. Voting-trust agreements
§ 31–4432. Maximum and contingent premiums of mutual companies. [Repealed]
§ 31–4434. Power of mutual company to borrow or assume liability
§ 31–4435. Investments and loans. [Repealed]
§ 31–4436. Domestic company real-estate holdings. [Repealed]
§ 31–4437. Reinsurance by domestic companies in authorized companies. [Repealed]
§ 31–4438. Reinsurance of risks. [Repealed]
§ 31–4439. Vouchers or affidavits as evidence of disbursements
§ 31–4440. Manner of keeping books, records, accounts, and vouchers
§ 31–4441. Acquisition of own capital stock. [Repealed]
§ 31–4442. Variable or modified guaranteed contracts
§ 31–4443. Effect of merger or consolidation
§ 31–4444. Procedure for merger of domestic companies
§ 31–4445. Procedure for consolidating domestic companies
§ 31–4446. Merger or consolidation of domestic and foreign companies
§ 31–4447. Merger or consolidation — Approval by Mayor
§ 31–4448. Merger or consolidation — Procedures before voting
§ 31–4449. Merger or consolidation — Approval by shareholders
§ 31–4450. Merger or consolidation — Rights of dissenting shareholders