Description: TO PASS H.R. 4083, A BILL TO IMPROVE THE LAWS RELATING TO THE REGULATION OF INSURANCE IN THE DISTRICT OF COLUMBIA.
Bill summary: District of Columbia Insurance Act -
Title I: District of Columbia Post Assessment Insurance Guaranty Association Act
- District of Columbia Insurance Guaranty Association Act - Creates in the District of Columbia a nonprofit unincorporated legal entity to be known as the District of Columbia Insurance Guaranty Association. Gives it jurisdiction over specific kinds of direct insurance.
Provides that the Board of Directors of the Association shall consist of not less than five nor more than
nine persons and shall be selected by member insurers subject to approval of the Commissioner.
Provides that for purposes of administration and assessment the Association shall be divided into: (1) the workmen's compensation insurance account; (2) the automobile insurance account; and (3) the account for all other insurance to which this Act applies.
Directs the Association to submit to the Commissioner of the District of Columbia a plan of operation to assure the fair, reasonable and equitable administration of the Association.
Grants the Commissioner powers relating to the administration of the Association. Exempts the Association from payment of all District of Columbia fees and taxes, except those levied on real or personal property.
Title II: Amendment of the Life Insurance Act of the District of Columbia to Increase Capital Requirements of Life Insurance Companies
- Increases the capital requirements of life insurance companies.
Title III: Amendment of the Life Insurance Act of the District of Columbia to Increase Group Term Life Insurance Amount Limitations
- Increases generally the limitation amounts for group life insurance under plans regulated by this Act.
Permits any person insured under such a plan to make to any person, other than his employer, an absolute or collateral assignment of the rights and benefits conferred on him by the policy of such plan.
Title IV: Amendment of the Fire and Casualty Act Regulating the Business of Fire, Marine, and Casuality Insurance in the District of Columbia
- Sets forth minimum capital and surplus requirements for life insurance stock companies covered by this Act. Sets forth minimum surplus requirements for the mutual life insurance companies covered by this Act.
Title V: Amendment of Amount of Contract with the Government of the District of Columbia for Which a Surety Bond is Required
- Increases the amount for which surety bonds are required in contracts entered into with the District of Columbia.
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Bill titles: A bill to improve the laws relating to the regulation of insurance in the District of Columbia, and for other purposes.
Original source documents: Digest of the Congressional Record vol. 119-89, p. H4553;
Links for more info on the vote: congress.gov