Whenever it appears to the Mayor that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided under the insurance laws of the District to take possession of the property of such a domestic insurer and to conduct its business, or take any other actions as the Mayor, at the Mayor’s discretion, deems appropriate.
(Oct. 21, 1993, D.C. Law 10-44, § 13, 40 DCR 6027; May 21, 1997, D.C. Law 11-268, § 10(gg)(2), 44 DCR 1730.)
1981 Ed., § 35-3711.
This section is referenced in § 31-704.
Because of the codification of D.C. Law 11-159 as subchapter II of Chapter 37 of Title 35 [subchapter II of Chapter 7 of Title 31, 2001 Ed.], and the designation of the preexisting text as subchapter I, “subchapter” has been substituted for “chapter” in this section.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Subchapter I - Holding Company System
§ 31–702. Subsidiaries of insurers
§ 31–703. Acquisition of control of or merger with domestic insurer
§ 31–704. Acquisitions involving insurers not otherwise covered
§ 31–705. Registration of insurers
§ 31–706. Standards and management of an insurer within a holding company system
§ 31–706.01. Group-wide supervision of internationally active insurance groups
§ 31–707.01. Supervisory Colleges
§ 31–708. Confidential treatment
§ 31–709. Injunctions, prohibitions against voting securities, sequestration of voting securities
§ 31–713. Revocation, suspension, or nonrenewal of insurer’s license