No company other than a mutual or reciprocal company doing business in the District shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of the sum of its capital stock and surplus. No mutual or reciprocal company shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of its surplus. No portion of any such risk or hazard which shall have been reinsured in a company authorized to do business in the District shall be included in determining limitation of risk; provided, that the provisions of this section shall not apply to the insurance of workmen’s compensation, employers’ liability, marine, or inland marine risks.
D.C. Code § 31-2502.12
Limitations on exposure to risks or hazards
Known as the Fire and Casualty Act
The act spans §§ 31–31 (53 sections).
Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch
Official source: D.C. Law Library (Council of the District of Columbia). Reproduced from public-domain District of Columbia statutes; confirm against the official source for the current text. Not legal advice.