15 U.S.C. § 38 — Association of marine insurance companies; application of antitrust laws
submitted 106 years ago by ch. 250 to r/title-15-COMMERCE-AND-TRADE · 129 words · no verdicts yet
Antitrust laws don't make it illegal for marine insurance companies to form an association. The association can jointly transact marine insurance and reinsurance business in the U.S. and abroad. It can also share or reinsure risks among its members.
(a) Definitions used in this section: An "association" means any association, exchange, pool, combination, or other arrangement for concerted action. "Marine insurance companies" means any persons, companies, or associations authorized to write marine insurance or reinsurance under the laws of the United States or of a State, Territory, District, or possession.
(b) The rule: Nothing in the "antitrust laws" named in section 12 of this title makes it illegal for marine insurance companies to enter into an association for these purposes: transacting a marine insurance and reinsurance business in the United States and in foreign countries, and reinsuring or otherwise apportioning among the association's membership the risks the association or any of its component members takes on.
Whenever used in this section—
The term “association” means any association, exchange, pool, combination, or other arrangement for concerted action; and
The term “marine insurance companies” means any persons, companies, or associations, authorized to write marine insurance or reinsurance under the laws of the United States or of a State, Territory, District, or possession thereof.
Nothing contained in the “antitrust laws” as designated in section 12 of this title, shall be construed as declaring illegal an association entered into by marine insurance companies for the following purposes: To transact a marine insurance and reinsurance business in the United States and in foreign countries and to reinsure or otherwise apportion among its membership the risks undertaken by such association or any of the component members.
Source credit: (June 5, 1920, ch. 250, § 29, 41 Stat. 1000.)
- 1920Enacted · Act of June 5, 1920, ch. 250 · 41 Stat. 1000
A history note hasn’t been published yet. The record shows enactment by ch. 250 on 1920-06-05.
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