Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-5231 Definitions
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For the purpose of this chapter, the term: (1) “Affiliate” means: (A) Any person, directly or indirectly, beneficially owning (whether through rights, options, convertible interests, or otherwise), controlling, or holding power to vote 15% or more of the outstanding voting securi…
D.C. Code § 31-5232 Certification
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(a) The Commissioner shall begin accepting applications for certification as a Certified Capital Company not later than 150 days after March 10, 2004. An applicant for certification as a Certified Capital Company shall pay a nonrefundable application fee of $15,000 at the time of…
D.C. Code § 31-5233 Premium Tax Credit
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(a) Any Certified Investor who makes an investment of Certified Capital pursuant to an allocation of Premium Tax Credits under § 31-5234 shall, in the year of investment, earn a Premium Tax Credit in the amount of the Certified Investor’s investment of Certified Capital. (b) A Ce…
D.C. Code § 31-5234 Aggregate limitations on Premium Tax Credits; Premium Tax Credit Allocation Requests
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(a) The aggregate amount of Premium Tax Credits that shall be allowed for all Certified Investors under this chapter shall not exceed $50 million. No Certified Capital Company, on an aggregate basis with its Affiliates, shall file Premium Tax Credit Allocation Requests in excess …
D.C. Code § 31-5235 Requirements for continuance of certification
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(a) To continue to be certified, a Certified Capital Company shall make Qualified Investments according to the following schedule: (1) Within the period ending 30 months after its Allocation Date, a Certified Capital Company shall have made Qualified Investments cumulatively equa…
D.C. Code § 31-5236 One hundred percent investment requirement
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(a) A Certified Capital Company may make Qualified Distributions at any time. To make a distribution, other than a Qualified Distribution, a Certified Capital Company shall have made Qualified Investments in an amount cumulatively equal to 100% of its Certified Capital. A Certifi…
D.C. Code § 31-5237 Decertification
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(a) The Commissioner shall conduct an annual review of each Certified Capital Company to determine if the Certified Capital Company is complying with the requirements of certification, to advise the Certified Capital Company as to the eligibility status of its Qualified Investmen…
D.C. Code § 31-5238 Transferability
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The Premium Tax Credits may be transferred or sold. The Commissioner shall promulgate regulations to facilitate the transfer or sale of Premium Tax Credits. Any the transfer or sale shall not affect the time schedule for claiming the Premium Tax Credits. Any Premium Tax Credits r…
D.C. Code § 31-5238.01 Fees deposited in Insurance Regulatory Trust Fund
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All fees collected pursuant to this chapter shall be deposited in the Insurance Regulatory Trust Fund established by § 31-1202 and expended for the purposes authorized by the Fund.
D.C. Code § 31-5238.02 Compliance and economic impact
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(a) Information, records, or other data received, prepared, used, or retained by the Commissioner pursuant to this subsection shall not be subject to the disclosure requirements of subchapter II of Chapter 5 of Title 2 to the extent that: (1) The information, records, or other da…
D.C. Code § 31-5238.03 Waivers and disqualifications
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The Commissioner may grant a business a 6-month waiver from any of the eligibility criteria to receive an Initial Investment if the Commissioner finds that the business will meet the eligibility criteria to receive an Initial Investment within 6 months of the date of issuance of …
D.C. Code § 31-5239 Rulemaking
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The Commissioner shall issue rules and regulations to implement this chapter within 120 days of March 10, 2004.