Page:United States Statutes at Large Volume 88 Part 1.djvu/806

 762

PUBLIC LAW 93-388-AUG. 24, 1974

[88 STAT.

or order issued by the Commissioner hereunder the insurer or the Commissioner may apply to the Superior Court of the District of Columbia to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of section 4 of any rule, regulation, or order issued by the Commissioner thereunder to enjoin the voting of any security so acquired, to void any vote of such security already cast at any meeting of shareholders, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, shareholders, or the public may require. (c) SEQUESTRATION or VOTING SECURITIES.—In any case where a person has or is proposing to acquire any voting securities in violation of this Act or any rule, regulation, or order issued by the Commissioner hereunder, the Superior Court of the District of Columbia may, on such notice as the court deems appropriate, upon the application of the insurer or the Commissioner seize or sequester any voting securities of the insurer owned directly or indirectly by such person, and issue such orders with respect thereto as may be appropriate to effectuate the provisions of this Act. Notwithstanding any other provisions of law, for the purposes of this Act the situs of the ownership of the securities of domestic insurers shall be deemed to be in the District. 19^0^" ^"'^^ ^^' ^^^- ^^' CRIMINAL PROCEEDINGS.—Whenever it appears to the Commissioner that any insurer or any director, officer, employee, or agent thereof has committed a willful violation of this Act, the Commissioner may cause criminal proceedinsfs to be instituted in the District against such insurer or the responsible director, officer, employee, or Penalty. agcut thereof. Any insurer which willfully violates this Act may be fined not more than $1,000. Any individual who willfully violates this Act may be fined not more than $1,000 or, if such willful violation involves the deliberate perpetration of a fraud upon the Commissioner, imprisoned not more than two years or both. D.C. Code 35 SEC. 12. RECEIVERSHIP.—Whenever it appears to the Commissioner 1911. that any person has committed a violation of this Act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided under the insurance laws of the District to take possession of the property of such domestic insurer and to conduct the business thereof. D.C. Code 351912

L.C 1913.

Code 3 5 -

D. C Code 11501 note.

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REVOCATION, SUSPENSION, OR N O N - R E N E W A L OF I N S U R E R ' S

LICENSE.—Whenever it appears to the Commissioner that any person has committed a violation of this Act which ma]\es the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, suspend, revoke, or refuse to renew such insurer's license or authority to do business in the District for such period as he finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law. SEC. 14. JUDICIAL REVIEW; MANDAMUS.—(a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the Commissioner pursuant to this Act may appeal therefrom to the District of Columbia Court of Appeals, in accordance with the District of Columbia Administrative Procedure Act. (b) Any person aggrieved by any failure of the Commissioner to act or make a determination required by this Act may petition the Superior Court of the District of Columbia for a writ in the nature of a mandamus or a peremptory mandamus directing the Commissioner to act or make such determination forthwith.

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