Page:United States Statutes at Large Volume 80 Part 1.djvu/159

 80 STAT. ]

PUBLIC LAW 89.402-APRIL 18, 1966

SEC. 3. The medals authorized to be issued pursuant to this Act shall be of such size or sizes and of such various metals as shall be determined by the Secretary of the Treasury in consultation with the American Numismatic Association. Approved April 16, 1966.

123 sizes, materials.

Public Law 89-402 AN ACT To confer additional jurisdiction upon the Superintendent of Insurance for the District of Columbia to regulate domestic stock insurance companies and to exempt such companies from section 1 2 (g)(1) of the Securities Exchange Act of 1934.

Ap^.j ig^ jggg [H. R. 11664]

Be it enacted by the Senate and Ilouae of Representatives of the D.C. United States of Ainerlca in Congress assembled. That, as used in this tendent Superinof InsurAct, unless the context otherwise requires, "domestic stock insurance ance. company" means a stock insurance company incorporated or orga- jj^t^^"^""^^ """^' nized under the laws of the District of Columbia. "Domestic stock SEC. 2. (a) The Commissioners of the District of Columbia shall company." promulgate rules and regulations with respect to the solicitation and voting of proxies, consents, and authorizations of domestic stock insurance companies in conformity, as nearly as may be practicable, with those prescribed by the National Association of Insurance Commissioners. The Superintendent of Insurance (hereinafter "Superintendent") shall have power to revoke or suspend the certificate of authority to transact business in the District of Columbia of any such company which has failed or refused to comply with the rules and regulations promulgated by the Commissioners of the District of Columbia. (b) The Superintendent shall not revoke nor suspend the certificate p^"^^'^," °^ ^"^' of authority of any such company until he has given the company not less than thirty days' notice of the proposed revocation or suspension and of the grounds alleged therefor, and has afforded the company an opportunity for a full hearing: Provided, That if the Superintendent shall find upon examination that the further transaction of business by the company would be hazardous to the public or to the policyholders or creditors of the company in the District, he may suspend such authority without giving notice as herein required: Provided Penalties. further, That in lieu of revoking or suspending the certificate of authority of any company, after hearing as herein provided, the Superintendent may subject such company to a penalty of not more than $500 when, in his judgment, he finds that the public interest would be best served by the continued operation of the company. The amount of any such penalty shall be paid by the company through the office of the Superintendent to the Commissioners of the District of Columbia. At 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. (c) The provisions of subsections (a) and (b) of this section shall not apply to securities of a domestic stock insurance company if such securities shall be registered, or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended. ^s Stat. 892; SEC. 3. (a) Every person who is directly or indirectly the beneficial 15 USC i&i. owner of more than 10 per centum of any class of any equity security Registration reof a domestic stock insurance company, or Avho is a director or an ben'eTci^*i^o°Jners, offi^cer of such company, shall file in the office of the Superintendent on etc.

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