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and inserting in lieu thereof “$1,500,000" in each such

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(4) Paragraph (15) (ii) of section 35 of such chapter (D.C. Code, sec. 35–535 (15) (ii)) is amended by striking out “$300,000” and “$150,000” and inserting in lieu thereof “$1,500,000” in each such place.

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SEC. 202. The amendments made by this title shall take

8 effect thirty days after the date of enactment of this Act. 9 TITLE III-AMENDMENT OF THE LIFE INSUR

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Sec. 301. Sections 10 (1) (d), 10 (3) (d), 10 (4) (d),

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(10) (6) (d), and 10 (9) (d) of chapter V of the Life Insur

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ance Act (D.C. Code, secs. 35-710 (1) (d), (3) (d), 16 (4) (d), (6) (d), and (9) (d)), are amended (1) by strik17 ing out “$20,000” and inserting in lieu thereof “$30,000”;

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(2) by striking out “$40,000” and inserting in lieu thereof

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19 “$100,000"; and (3) by striking out “150” and inserting in

20 lieu thereof “300”.

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Sec. 302. The first sentence of section 11 of chapter V

22 of the Life Insurance Act (D.C. Code, sec. 35-711), is

23 amended (1) by striking out “and" between clauses (1)) and

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1 (c), (2) by striking out the colon at the end of clause (c) 2 and inserting in lieu thereof a semicolon and (3) by insert3 ing immediately thereafter a new clause (d) as follows: “and 4 (d) that subject to the terms of the policy any person insured 5 under a group life insurance contract, whether issued before

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or after the effective date of this clause, may make to any

7 person, other than his employer, an absolute or collateral 8 assignment of any or all the rights and benefits conferred on 9

him by any provision of such policy or by law, including 10 specifically, but not by way of limitation, any right to desig11 nate a beneficiary or beneficiaries thereunder and any right

12 to have an individual policy issued upon termination either 13 of employment or of said policy of group life insurance, but 14 nothing herein shall be construed to have prohibited an in15 sured from making an assignment of all or any part of his 16 rights and privileges under the policy before the effective 17 date of this clause and, subject to the terms of the policy,

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an assignment by an insured before or after the effective

19 date of this clause is valid for the purposes of vesting in the

20 assignee all rights and privileges so assigned, but without 21 prejudice to the insurer on account of any payment it may 22 make or individual policy it may issue prior to receipt of 23 notice of the assignment:”.

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SEC. 401. Sections 13 and 14 of chapter II of the Fire

6 and Casualty Act (D.C. Code, secs. 3-1316 and 35-1317),

7 are amended to read as follows:

8 “g 13. Minimum capital and surplus requirement

"Every stock company authorized to do business in the

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10 District shall have and shall at all times maintain a paid-up

11 capital stock of not less than $300,000, and a surplus of not

12 less than $300,000. Every domestic mutual company and

13 every domestic reciprocal company shall have and shall at

14 all times maintain a surplus of not less than $300,000, and 15 every foreign or alien mutual company and every foreign

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or alien reciprocal company shall have and shall at all times

17 maintain a surplus of not less than $100,000.

18 “g 14. Corporations heretofore formed

19 “No company shall be exempt from the provisions of 20 this subsection by reason of its having been incorporated in

21 the District or elsewhere prior to the effective date of this

22 subsection, except that, in the case of companies authorized 23 in the District on the date of approval of this subsection and 24 continuously thereafter without any increase of authority, the 25. minimum capital and surplus required of a stock company,

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1 and the minimum surplus required of a mutual or reciprocal 2 company, or of a Lloyd's organization by the laws of the Dis3 trict heretofore applicable shall not be increased by this sub4 section, and provided also that in the case of such continu5 ously authorized companies the provisions of section 24 re6 lating to the names of companies, and the provisions of sec7 tion 25 relating to the amount of surplus necessary to the 8 issuance of policies having no provision for contingent liabil9 ity, shall not be applicable.” 10 SEC. 402. Section 25 of chapter II of the Fire and 11 Casualty Act (D.C. Code, sec. 35–1329) is amended by 12 striking out “$300,000” and inserting in lieu thereof

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SEC. 501. The first section of the Act entitled “An Act

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in relation to contracts with the District of Columbia” ap20 proved June 28, 1906 (D.C. Code, sec. 1-805), and the 21 first section of the Act of August 3, 1968 (D.C. Code, sec.

1-804a) (relating to contracts with the District of Colum23 bia), are each amended by striking out "$2,000" wherever 24

it appears in each such first section and inserting in lieu 25 thereof “$10,000".

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93D CONGRESS

1st SESSION

H. R. 5687

IN THE HOUSE OF REPRESENTATIVES

March 15, 1973 Mr. DIGGS (by request) introduced the following bill; which was referred

to the Committee on the District of Columbia

A BILL

To improve the laws refating to the regulation of insurance in

the District of Columbia, and for other purposés.

Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

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3 That this Act may be cited as the "District of Columbia

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SEC. 101. This title may be cited as the “District of 9 Columbia Insurance Guaranty Association Act”. 10 SEC. 102. The purpose of this title is to provide a 11 mechanism for the payment of covered claims under certain

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