Page:United States Statutes at Large Volume 87.djvu/336

 304

PUBLIC LAW 93-89-AUG. 14, 1973

[87 STAT.

TITLE III—AMENDMENT O F THE L I F E INSURANCE ACT O F THE DISTRICT OF COLUMBIA TO I N C R E A S E G R O U P T E R M L I F E INSURANCE AMOUNT L I M I T A T I O N S

74 Stat. 315; 76 Stat. 1131.

64 Stat. 333.

SEC. 30L Sections 10(1)(d), 10(3)(d), 10(4)(d), 10(6)(d), and 10(9)(d) of chapter V of the Life Insurance Act (D.C. Code, sees. 35-710 (l)(d), (3)(d), (4)(d), (6)(d), and (9)(d)), are amended ^2^^ i^y striking out "$20,000" each place it appears and inserting in lieu thereof "$30,000"; (2) by striking out "$40,000" each place it appears and inserting in lieu thereof "$100,000"; and (3) by striking out "150" each place it appears and inserting in lieu thereof "300". SEC. 302. The first sentence of section 11 of chapter V of the, Life lusurance Act (D.C. Code, sec. 35-711), is amended (1) by striking out "and" between clauses (b) and (c), (2) by striking out the colon at the end of clause (c) and inserting in lieu thereof a semicolon and (3) by inserting immediately thereafter a new clause (d) as follows: "and (d) that subject to the terms of the policy any person insured under a group life insurance contract, whether issued before or after the effective date of this clause, may make to any person, other than his employer, an absolute or collateral assignment of any or all the rights and benefits conferred on him by any provision of such policy or by law, including specifically, but not by way of limitation, any right to designate a beneficiary or beneficiaries thereunder and any right to have an individual policy issued upon termination either of employment or of said policy of group life insurance, but nothing herein shall be construed to have prohibited an insured from making an assignment of all or any part of his rights and privileges under the policy before the effective date of this clause and, subject to the terms of the policy, an assignment by an insured before or after the effective date of this clause is valid for the purposes of vesting in the assignee all rights and privileges so assigned, but without prejudice to the insurer on account of any payment it may make or individual policy it may issue prior to receipt of notice of the assignment:". TITLE IV—AMENDMENT O F THE F I R E AND CASUALTY ACT R E G U L A T I N G THE B U S I N E S S OF F I R E, M A R I N E, AND C A S U A L T Y INSURANCE I N THE DISTRICT OF COLUMBIA

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SEC. 401. Sections 13 and 14 of chapter II of the Fire and Casualty Act (D.C. Code, secs. 35-1316 and 35-1317), are amended to read as follows: "SEC. 13. MINIMUM CAPITAL AND SURPLUS REQUIREMENT.—Every

stock company authorized to do business in the District shall have and shall at all times maintain a paid-up capital stock of not less than $300,000, and a surplus of not less than $300,000. Every domestic mutual company and every domestic reciprocal company shall have and shall at all times maintain a surplus of not less than $300,000 and every foreign or alien mutual company and every foreign or alien reciprocal company shall have and shall at all times maintain a surplus of not less than $400,000. " SEC. 14. CORPORATIONS HERETOFORE FORMED.—No company shall be exempt from the provisions of this subsection by reason of its having been incorporated in the District or elsewhere prior to the effective date of this subsection, except that, in the case of companies authorized in the District on the date of approval of this subsection and continu-

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