Page:United States Statutes at Large Volume 88 Part 1.djvu/805

 88 STAT. ]

PUBLIC LAW 93-388-AUG. 24, 1974

761

registered insurer's expense such attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff as shall be reasonably necessary to assist in the conduct of the examination under subsection (a). Any persons so retained shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity. (d) EXPENSES.—Each registered insurer producing for examination records, books, and papers pursuant to subsection (a) shall be liable for and shall pay the expense of such examination in accordance with the provisions of section 19, chapter II, of the Life Insurance Act (D.C. Code, sec. 35-418) and section 10, chapter II, of the Fire and Casualty Act (D.C. Code, sec. 35-1313), pertaining to examination expense. SEC. 8. CONFIDENTIAL TREATMENT.—All information, documents, D.C. code 35and copies thereof obtained by or disclosed to the Commissioner or ^^°^* any other person in the course of an examination or investigation made pursuant to section 7 and all information reported pursuant to section 5, shall be given confidential treatment and shall not be subject to subpena and shall not be made public by the Commissioner or any other person, except to insurance departments of other States, without the prior written consent of the insurer to which it pertains unless the Commissioner, after giving the insurer and its affiliates who would be affected thereby, notice and opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication thereof, in which eA^ent he may publish all or any part thereof in such manner as he may deem appropriate. SEC. 9. RULES AND REGULATIONS.—The Commissioner may, upon ^ ^^-J^- '^°'^^ ^snotice and opportunity of all interested persons to be heard, issue such 1908. rules, regulations, and orders as shall be necessary to carry out the provisions of this Act, INJUNCTIONS; PROHIBITIONS AGAINST VOTING SECURITIES; SEQUESTRATION OF VOTING SECURITIES

10. (a) INJUNCTIONS.—Whenever it appears to the Commis- ^^Q'^' '^°'^^ ^^' sioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this Act or of any rule, regulation, or order issued by the Commissioner hereunder, the Commissioner may apply to the Superior Court of the District of Columbia for an order enjoining such insurer of such director, officer, employee, or agent thereof from violating or continuing to violate this Act or any such rule, regulation, or order, and for such other equitable relief as the failure of the case and the interests of the insurer's policyholders, creditors, shareholders, or the public may require. (b) VOTING OF SECURITIES; W H E N PROHIBITED.—No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of this Act or of any rule, regulation, or order issued by the Commissioner hereunder may be voted at any shareholders' meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding; but no action taken at any such meeting shall be invalidated by the voting of such securities, unless the action would materially affect control of the insurer or unless the Superior Court of the District of Columbia has so ordered. If an insurer or the Commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this Act or of any rule, regulation, SEC.

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