Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-2301 Definitions
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For purposes of this chapter, the term: (1) “Domestication” means the reorganization under this chapter of the United States branch of a Non-U.S. insurer whereby a domestic or foreign insurer acquires all the business and assets and assumes all the liabilities of the branch. (2) …
D.C. Code § 31-2302 Domestication permitted
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(a)(1) Upon compliance with this chapter, a Non-U.S. insurer which is authorized to use the District of Columbia (“District”) as a state of entry to transact insurance business through its United States branch and which owns beneficially, directly or indirectly, all outstanding s…
D.C. Code § 31-2303 Prior written approval of domestication agreement
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An acquisition of assets and assumption of liabilities under § 31-2302(a) shall be initiated by filing with the Commissioner, for prior written approval as required by § 31-2302(a)(2), a copy of the domestication agreement, executed by the Non-U.S. insurer and the acquiring insur…
D.C. Code § 31-2304 Authorization and execution of domestication agreement
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(a) A domestication agreement shall be authorized, adopted, approved, executed, and acknowledged by the Non-U.S. insurer under the laws of the country where it is organized. (b) A domestication agreement shall also be approved, adopted, and authorized by the acquiring insurer’s b…
D.C. Code § 31-2305 Final approval by Commissioner
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(a) The following shall be submitted to the Commissioner for final approval of the domestication agreement as required under § 31-2302(a)(3): (1) An executed counterpart of the domestication agreement; (2) Certified copies of the corporate proceedings of the acquiring insurer and…
D.C. Code § 31-2306 Consummation of domestication agreement; transfer of deposits; withdrawal of trusteed assets
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(a)(1) The domestication of the United States branch shall be effective upon the final approval of the Commissioner of the domestication agreement under § 31-2305 (“consummation”). (2)(A) All assets of the United States branch, including all its rights and property, shall be deem…
D.C. Code § 31-2307 Regulations
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The Commissioner may, in accordance with § 2-505, promulgate rules, regulations, and orders as are necessary or appropriate to carry out the provisions of this chapter. The Council may approve or disapprove any rules, regulations, or orders promulgated by the Commissioner within …