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The DC Code: § 31-5003 Industry Placement Facility.

Index31 Insurance and Securities. (Refs & Annos)
a
Within 30 days after August 1, 1968, all insurers licensed to write and engaged in writing in the District of Columbia, on a direct basis, basic property insurance or any component thereof in multiperil policies shall establish an Industry Placement Facility. The Facility shall formulate and administer a program, subject to disapproval by the Mayor in whole or in part, to seek the equitable apportionment among such insurers of basic property insurance and homeowner's insurance which may be afforded applicants in the District of Columbia whose property is insurable in accordance with reasonable underwriting standards and who individually or through their insurance agent or broker request the aid of the Facility to procure such insurance. The Facility shall seek to place insurance with 1 or more participating companies up to the full insurable value of the risk, if requested, except to the extent that deductibles, percentage participation clauses, and other underwriting devices are employed to meet special problems of insurability.
b
The Facility may, subject to the approval of the Commissioner, provide as part of its program for the equitable distribution of commercial risks and dwelling risks among insurers. Such distribution of risks may be implemented through assignment of policies to one or more participating companies or through joint underwriting of risks as provided by § 31-5005.
c
Each insurer licensed to write and engaged in writing in the District of Columbia, on a direct basis, basic property insurance or any component thereof in multiperil policies shall participate in the Industry Placement Facility program in accordance with the established rules of the program as a condition of its authority to transact such kinds of insurance in the District of Columbia, except that, in lieu of revoking or suspending the certificate of authority of any company for any failure to comply with any of the established rules of the program, the Mayor may subject such company to a penalty of not more than $200 for each such failure to so comply when in his judgment he finds that the public interest would be best served by the continued operation of the company in the District of Columbia.

Historical and Statutory

Prior Codifications 1981 Ed., § 35-1803. 1973 Ed., § 35-1703. Effect of Amendments D.C. Law 14-251, in subsec. (a), substituted "to seek the equitable apportionment among such insurers of basic property insurance and homeowner's insurance which may be afforded applicants" for "to seek the equitable apportionment amount such insurers of basic property insurance which may be afforded applicants"; and rewrote subsec. (b) which had read as follows: "(b) The Facility may, subject to the approval of the Mayor, provide as part of its program for the equitable distribution of commercial risks and dwelling risks among insurers." Legislative History of Laws For Law 14-251, see notes following § 31-5001. Change in Government This section originated at a time when local government powers were delegated to the District of Columbia Council and to a Commissioner of the District of Columbia. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 (D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act (D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section. Miscellaneous Notes Delegation of functions: See Historical and Statutory Notes following § 31- 5002. Department of Insurance abolished: See Historical and Statutory Notes following § 31-5002. DC CODE § 31-5003 Current through December 11, 2012

Credits

(Aug. 1, 1968, 82 Stat. 568, Pub. L. 90-448, title XII, § 1204; Mar. 27, 2003, D.C. Law 14-251, § 2(c), 50 DCR 222.)