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PUBLIC LAW 93-388-AUG. 24, 1974

[88 STAT.

Public Law 93-388 August 24, 1974 [H. R. 7218]

Holding ComuiTtoryAcT ^^^ D.c. Code 351901 note. D.C. Code 351901.

^ ^ ACT To improve the laws relating to the regulation of insurance companies in the District of Columbia.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That this Act may be cited as the "Holding Company System Regulatory Act". SEC. 2, DEFINITIONS.—As used in this Act, unless the context other. . ^'^^e requires— (a) "affiliate" (an "affiliate" of, or person '"affiliated" with a specific person), means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with, the person specified; (b) "commissioner" means the Commissioner of the District of Columbia or his designated agent; (c) "control" (including the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonihanagement services, or otherwise, unless the i^ower is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10 per centum or more of the voting securities of any other person; (d) "District" means the District of Columbia; (e) "insurance holding company system" consists of two or more affiliated persons, one or more of which is an insurer; (f) "insurer" includes any company defined by section 2, chapter I, of the Life Insurance Act (D.C. Code, sec. 35-302) and by section 3, chapter I, of the F'ire and Casualty Act (D.C. Code, sec. 35-1303), authorized to do the business of insurance in the District, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a State or political subdivision of a State; (g) "person" is an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert, but shall not include any securities broker performing no more than the usual and customary broker's function; (h) "securityholder" of a specified person is one who owns any security of such person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing; (i) "subsidiary" of a specified person is an affiliate controlled by such person clirectly, or indirectly through one or more intermediaries; and (j) "voting security" includes any security convertible into or evidencing a right to acquire a voting security.

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