Page:United States Statutes at Large Volume 72 Part 1.djvu/61

 72

STAT.]

PUBLIC LAW 85-334-PEB. 22, 1958

21

nesses. Anyone testifying falsely after having been administered such an oath shall be subject to the penalties of perjury." SEC. 3. That section 27 of chapter II of the Life Insurance Act (sec. 35-426, D. C. Code, 1951 edition) is amended to read as follows: "SEC. 27. The Superintendent of Insurance may suspend or revoke suVpeV-'on or the license of any life insurance general agent, agent, solicitor, or revocation, broker when and if, after investigation, it appears to the Superintendent that any license issued to such person was obtained by fraud or misrepresentation; or that the general agent, agent, solicitor, or broker has violated any insurance law of the District; or has made any misleading representations or incomplete or fraudulent comparison of any policies or companies or concerning any companies to any person for the purpose or with the intention of inducing such person to lapse, forfeit, surrender, or exchange his insurance then in force; or has made any misleading estimate of the dividends or share of surplus to be received on a policy; or has failed or refused to pay or to deliver to the company or to his principal any money or other property in the hands of said general agent, agent, solicitor, or broker belonging to such company or principal when requested so to do; or has violated any lawful ruling of the insurance department; or has been convicted of a felony; or has otherwise shown himself untrustworthy or incompetent to act as a life insurance general agent, agent, solicitor, or broker. Before the Superintendent of Insurance shall Hearing, revoke or suspend the license of any such person he shall give to such person an opportunity to be fully heard, and to introduce evidence in his behalf. Within thirty days after the revocation or suspension of license or the refusal of the Superintendent to grant a license, the general agent, agent, solicitor, or broker, or applicant aggrieved may appeal from the ruling of the Superintendent of Insurance to the court of competent jurisdiction designated in section 28. Appeals may 42'^: ^* ^°*** ^^ be taken from the judgment of said court as prescribed in section 28. A t any hearing provided by this section, the Superintendent shall have authority to administer oaths to witnesses. Anyone testifying falsely after having been administered such an oath shall be subject to the penalties of perjury. "No individual whose license as a general agent, agent, solicitor, or broker is revoked shall be entitled to any license under this Act for a period of one year after revocation. "Any person who violates any provision of this section upon con- aiS**^*""'" ***"" viction shall be fined not exceeding $100 for each and every violation: Provided, That in lieu of revoking or suspending the license of any such general agent, agent, solicitor, or broker for causes enumerated in this section after hearing as herein provided, the Superintendent may subject such person to a penalty of not more than $200 when in his j u d ^ e n t he finds that the public interest would be best served by the continuation of the license of such person. The amount of any such penalty shall be paid by such person through the office of the Superintendent to the Collector of Taxes of the District of Columbia." SEC. 4. That section 3 of chapter II of the Fire and Casualty Act CMu^ty^^'ct,^".^ (sec. 35-1306, D. C. Code, 1951 edition) is amended to read as follows: me^ndmwit«.^^^ "SEC. 3. The Superintendent shall have power to revoke or suspend certific at e • of the certificate of authority to transact business in the District of any ^^R^JIt'oy^'tion. company which has failed or refused to comply with any provision or requirement of this Act, or which— " (a) is impaired in capital or surplus; "(b) is insolvent; "(c) is in such a condition that its further transaction of business in the District would be liazardous to its policyholders or creditors, or to the public;

�