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The DC Code: § 31-5001 Purposes of chapter.

Index31 Insurance and Securities. (Refs & Annos)

The purposes of this chapter are:

1
To assure stability in the property insurance market for property located in the District of Columbia;
2
To assure the availability of basic property insurance and homeowner's insurance as defined by this chapter;
3
To encourage maximum use and utilization, in obtaining basic property insurance and homeowner's insurance, of the normal insurance market provided by authorized insurers;
4
To provide for the equitable distribution among insurers of the responsibility for insuring qualified property in the District of Columbia for which insurance cannot be obtained through the normal insurance market and to authorize the establishment of a joint underwriting association in the District of Columbia to provide for insuring and reinsuring of basic property insurance and homeowner's insurance without regard to environmental hazards; and
5
To encourage the delivery of essential property insurance, and the homeowner's insurance that is provided by the Facility, at the most reasonable cost possible; provided, that insurance pricing by the Facility:
A
Is actuarially self-supporting; and
B
Does not actively compete with insurance pricing in the normal insurance market provided by authorized insurers.

Historical and Statutory

Prior Codifications 1981 Ed., § 35-1801. 1973 Ed., § 35-1701. Effect of Amendments D.C. Law 14-251 substituted "basic property insurance and homeowner's insurance" for "basic property insurance" throughout the section; in par. (3), substituted "maximum use and utilization" for "maximum use", and made a nonsubstantive change; in par. (4), substituted "District of Columbia to provide for insuring and" for "District of Columbia to provide for", and made a nonsubstantive change; and added par. (5). Legislative History of Laws Law 14-251, the "Homeowner's Insurance Availability Amendment Act of 2002", was introduced in Council and assigned Bill No. 14-56, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on November 7, 2002, and December 3, 2002, respectively. Signed by the Mayor on December 24, 2002, it was assigned Act No. 14-548 and transmitted to both Houses of Congress for its review. D.C. Law 14-251 became effective on March 27, 2003. DC CODE § 31-5001 Current through December 11, 2012

Credits

(Aug. 1, 1968, 82 Stat. 567, Pub. L. 90-448, title XII, § 1202; Mar. 27, 2003, D.C. Law 14-251, § 2(a), 50 DCR 222.)