Page:United States Statutes at Large Volume 74.djvu/355

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[74 Stat. 315]
[74 Stat. 315]
PUBLIC LAW 86-000—MMMM. DD, 1960

74 S T A T. ]

PUBLIC LAW 86.579-JULY 5, 1960

315

Public Law 86-579 AN ACT To amend the "Life Insurance Act" of the District of Columbia approved June 19, 1934, as amended by the Acts of July 2, 1940, and July 12, 1950. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 10(1) of chapter V of the Life Insurance Act, as amended (sec. 35-710(1), D.C. Code, 1951 edition), is amended (1) by striking out "twenty-five employees" in subsection (c) thereof, and inserting in lieu thereof "ten employees"', and (2) by striking out the period at the end of subsection (d) thereof and adding the following: "unless 150 per centum of the annual compensation of a covered employee, exceeds $20,000, in which event all such insurance shall not exceed $40,000, or 150 per centum of such annual compensation, whichever is less." SEC. 2. Section 10(3) of chapter V of the Life Insurance Act, as amended (sec. 35-710(3), D.C. Code, 1951 edition), is amended (1) by striking out the words "twenty-five members" in subsection (c) thereof and inserting in lieu thereof "ten members", and (2) by deleting "issued to the union" in the second sentence of subsection (d), and (3) by striking out the period at the end of subsection (d) thereof and adding the following: "unless 150 per centum of the annual compensation of a covered union member exceeds $20,000, in which event all such insurance shall not exceed $40,000, or 150 per centum of such annual compensation, whichever is less." SEC. 3. Section 10(4) of chapter V of the Life Insurance Act, as amended (sec. 35-710(4), D.C. Code, 1951 edition), is amended by striking out the period at the end of subsection (d) thereof and adding the following: "unless 150 per centum of the annual compensation of a covered person exceeds $20,000, in which event all such insurance shall not exceed $40,000, or 150 per centum of such annual compensation, whichever is less." SEC. 4. Section 10(5) of chapter V of the Life Insurance Act, as amended (sec. 35-710(5), D.C. Code, 1951 edition), is amended by striking out "fifty employees" and inserting in lieu thereof, "ten employees." SEC. 5. Section 10 (generally) of chapter V of the Life Insurance Act, as amended (sec. 35-710, D.C. Code, 1951 edition), is amended by adding the following two new subsections, subsections 6 and 7: "(6) A policy issued to an association whose eligible members have the same profession, trade, or occupation which has been organized and is maintained for purposes other than th^^t of obtaining insurance, which shall be deemed the policyholder, to insure members, or employees of members, of such association for the benefit of persons other than the association, or any of its officials, representatives, or agents, subject to the following requirements: " (a) The members or employees eligible for insurance under the policy shall be all the members, and all the employees of the members, of the association, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the association, or both. " (b) The premium for the policy shall be paid by the policyholder either wholly from the association's funds, or partly from such funds and partly from funds contributed by the insured members or employees specifically for their insurance, or from funds wholly contributed by the insured members or employees specifically

July 5, 1960 [H. R. 1844]

L i f e Insurance Act, D. C. Group coverage. 64 Stat. 330.

Issuance to professional or trade associations.

N o n d iscrimins tory b a s i s.

Payment of premiums.