Page:United States Statutes at Large Volume 87.djvu/335

 87 STAT. ]

PUBLIC LAW 93-89-AUG. 14, 1973

303

to any kind of insurance afforded by property or casualty insurance policies with respect to which he has found, after hearing, that there IS in effect a statutory or voluntary plan which— (1) is a permanent plan which is adequately funded or foiwhich adequate funding is provided; and (2) extends or will extend to District of Columbia policyholders and residents protection and benefits with respect to insolvent insurers not substantially less favorable and effective to such policyholders and residents and the protection and benefits provided with respect to such kind of insurance under this title. (b) The Commissioner shall by the same such order authorize discontinuance of future payments by insurers to the District of Columbia Insurance Guaranty Association with respect to the same kinds of insurance, except assessments and payments shall continue, as necessary, to liquidate covered claims of insurers adjudged insolvent prior to said order and the related expenses not covered by such other plan. (c) In the event the operation of any account of the District of Columbia Insurance Guaranty Association shall be so terminated as to all kinds of insurance otherwise within its scope, the Association as soon as possible thereafter shall distribute the balance of money? and assets remaining in said account (after discharge of the functions of the Association with respect to prior insurer insolvencies not covered by such other plan^ together with related expenses) to the insurers which are then writing in the District of Columbia policies of the kinds of insurance covered by such account, and which had made payments into such account, pro rata upon the basis of the aggregate of such payments made by the respective insurers to such account during the period of five years next preceding the date of such order. Upon completion of such distribution with respect to all of the accounts specified in section 105, this title shall be deemed to have expired. TITLE II — A M E N D M P: N T OF THE LIFE INSURANCE ACT OF THE DISTRICT OF COLUMBIA TO INCREASE CAPITAL REQUIREMENTS OF LIFE INSURANCE COMPANIES SEC. 201. Chapter 3 of the Life Insurance Act (D.C. Code, sees. ^5-501—^35-541) is amended as follows: (1) Section 8(a) of such chapter (D.C. Code, sec. 35-508(a)) ysiurreV*"'" is amended (A) by striking out in the first sentence "$200,000" and inserting in lieu thereof "$1,000,000", and (B) by striking out in the last sentence "$150,000" and inserting in lieu thereof "$1,600,000". (2) Section 8(b) of such chapter (D.C. Code, sec. 35-508(b)) is amended (A) by inserting "or subsequent amendment" immediately after "subsection", and (B) by inserting "or the minimum surplus required of a mutual company" immediately after "stock company". (3) Paragraph 10(b) (ii) of section 35 of such chapter (D.C. Code, sec. 35-535 (10)(b)(ii)) is amended by striking out 78 Stat. res. "$300,000" and "$150,000" and inserting in lieu thereof "$1,600,000" in each such place. (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'* 74 Stat. ses; and "$150,000" and inserting in lieu thereof "$1,500,000" in each '® ^'"'"'"' such place. SEC. 202. The amendment made by this title shall take effect thirty Effective date. days after the date of enactment of this Act.

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