If any domestic life insurance company, in course or organization, shall not commence to issue policies within 2 years from the date of filing its articles of incorporation in the office of the Commissioner, its powers shall thereby cease, and the court, upon petition of the Commissioner or of any person interested, may fix by decree the time in which the Commissioner may settle and close its affairs; provided, however, that the Commissioner may extend the time for any such company to commence the issuance of policies for a period not exceeding 2 years if the said company shall show good cause in writing why the same should be done.
CREDIT(S)
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 7; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-607.
1973 Ed., § 35-507.
Legislative History of Laws
For legislative history of D.C. Law 11-268, see Historical and Statutory Notes following § 31-4402.
Miscellaneous Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.