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District of Columbia Code Division V. Local Business Affairs § 31-901. Definitions.

Current as of January 01, 2024 | Updated by Findlaw Staff

For the purposes of this chapter, the term:

(1) “Converted stock company” means a District of Columbia domiciled stock company that converted from a District of Columbia mutual company pursuant to this chapter.

(1A) “Commissioner” means the Commissioner of Insurance and Securities [Commissioner of the Department of Insurance, Securities, and Banking].

(2) “District” means the District of Columbia.

(3) “Eligible member” means a member whose policy is in force as of the date the mutual company's board of directors adopts a plan of conversion.

(A) A person insured under a group policy is not an eligible member, unless:

(i) The person is insured or covered under a group life policy or group annuity contract under which funds are accumulated and allocated to the respective covered person;

(ii) The person has the right to direct the application of the funds so allocated;

(iii) The group policyholder makes no contribution to the premiums or deposits for the policy or contract; and

(iv) The mutual company has the names and addresses covered under the group policy or group annuity contract.

(B) A person whose policy is issued after the board of directors adopts the plan but before the plan's effective date is not an eligible member, but shall have those rights set forth in § 31-910.

(4) “Plan of conversion” or “plan” means a plan adopted by a District of Columbia domestic mutual company's board of directors pursuant to this chapter to convert the mutual company into a District of Columbia domiciled stock company.

(5) “Policy” includes an annuity contract.

(6) Repealed.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-901. Definitions. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-901/

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