Holding Company System Regulatory Act

[AI summary unavailable — showing source text] Holding Company System Regulatory Act - Provides that in the District of Columbia any domestic insurer, either by itself or in cooperation with one or more persons, may organize to acquire one or more subsidiaries. Provides that such subsidiaries may conduct any kind of business and their authority to do so shall not be limited by reason of the fact that they are subsidiaries of a domestic insurer. Provides that the total amount which a domestic insurer may invest in the common stock, preferred stock, debt obligations, and other securities of such subsidiaries shall not exceed the lesser of: (1) five percent of such insurer's assets; or (2) in the case of a capital stock company, fifty percent of the excess of its capital, surplus, and contingency reserves over the then required statutory minimum capital and surplus, or in the case of a mutual company, fifty percent of the excess of its surplus and contingency reserves over the then required statutory minimum surplus. Provides that no person other than the issuer shall make a tender offer for or a request or invitation for tender of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open ma…