Title 31, Insurance and Securities.

(a)(1) On or before March 2 of each year, a captive insurer, including, if applicable, each protected cell, shall submit to the Commissioner, on a form prescribed by the Commissioner, a report of its financial condition, as prepared by a certified public accountant. A captive ins…

(a) The Commissioner, or his designee, may visit each captive insurer at such times as he or she considers necessary to thoroughly inspect and examine the affairs of the captive insurer or protected cell of a captive insurer to ascertain: (1) The financial condition of the captiv…

(a) The Commissioner may revoke or suspend the certificate of authority to transact insurance business in the District of a captive insurer, including, if applicable, a protected cell, which: (1) Has failed or refused to comply with any provision or requirement of this chapter; (…

(a) A captive insurer shall not join or contribute financially to any risk-sharing plan, risk pool, or insurance insolvency guaranty fund in the District. A captive insurer or its insured, its parent or an affiliated company, or any member organization of its association shall no…

(a) Any captive insurer which is licensed under laws of any jurisdiction may become a domestic captive insurer in the District by complying with all of the requirements of this chapter relative to the organization and licensing of a domestic insurer of the same type and by design…

A captive insurer shall not be required to join a rating organization.

All fees, fines, penalties, and assessments received by the Commissioner under this chapter shall be deposited in, and credited to, the account established by § 31-1202(BB), and expended in accordance with § 31-1202(BB).

(a) Any captive insurer aggrieved by any act, determination, rule, regulation, order, or any other action taken by Commissioner pursuant to this chapter, and which was the subject of a contested case, may appeal to the District of Columbia Court of Appeals, in accordance with § 2…

The Commissioner may issue rules and regulations relating to captive insurers as are necessary to enable him or her to carry out the provisions of this chapter.

(a) Except as otherwise expressly provided in this chapter, only the following laws relating to insurance shall apply to risk retention groups licensed as captive insurers: (1) Chapter 4 of this title notwithstanding the definition of the term “licensed insurer” or “insurer” in §…

(a) Chapter 39 of this title is repealed, subject to the provisions of this section. (b) All existing fees set forth in Chapter 39 of this title, shall remain in effect under the corresponding provisions of this chapter, and shall be applicable to protected cells, unless modified…

This subchapter provides for the creation of special purpose financial captive insurance companies for the exclusive purpose of facilitating the securitization of one or more risks as a means of accessing alternative sources of capital and achieving the benefits of securitization…

In addition to the terms defined in § 31-3931.01, for the purposes of this subchapter, the term: (1)(A) “Control” (including the terms “controlling”, “controlled by”, and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the di…

(a) Except as otherwise provided, §§ 31-3931.03, 31-3931.04, 31-3931.05, 31-3931.09, 31-3931.10, 31-3931.11, 31-3931.12, 31-3931.13, 31-3931.14, 31-3931.15, 31-3931.16, 31-3931.17, 31-3931.18, 31-3931.19, 31-3931.20, 31-3931.21, and 31-3931.09 through 31-3931.22 shall apply under…

(a)(1) An SPFC shall apply to the Commissioner for a certificate of authority. The application for a certificate of authority shall include the items required by § 31-3931.09. (2) If an SPFC will have one or more protected cells, the SPFC shall include in its application for a ce…

(a) In addition to any other capital required to be maintained pursuant to subsection (c) of this section, an SPFC authorized to do business in the District shall at all times maintain a minimum unimpaired capital of $100,000. (b) Except as otherwise provided by the Commissioner …

(a) An SPFC may issue securities, including surplus notes and other forms of financial instruments, subject to and in accordance with applicable law, its approved strategic business plan, and its organizational documents. (b) An SPFC, in connection with the issuance of securities…

(a) An SPFC shall insure only the risks of a counterparty and shall not issue a contract for assumption of risk or indemnification of loss other than an SPFC contract; provided, that an SPFC may cede risks assumed through an SPFC contract to third party reinsurers through the pur…

(a) Assets of the SPFC that are pledged to secure obligations of the SPFC to a counterparty under an SPFC contract shall be held in trust that is administered by a qualified United States financial institution. The qualified United States financial institution shall not control, …

(a) Dividends may be declared by the management of an SPFC if the dividends do not violate the provisions of this subchapter or jeopardize the fulfillment of the obligations of the SPFC or the trustee pursuant to the SPFC insurance securitization agreements, the SPFC contract, or…

(a) Except as provided in this section, all examination reports, preliminary examination reports or results, working papers, recorded information, documents, and copies of documents produced by, obtained by, or disclosed to, the Commissioner or any other person in the course of a…

An SPFC contract which complies with this subchapter shall be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an SPFC as an assuming insurer pursuant to § 31-502, for the bene…

(a)(1) Notwithstanding the provisions of Chapter 13 of this title, the Commissioner may apply to the Superior Court of the District of Columbia for an order authorizing the Commissioner to conserve, rehabilitate, or liquidate an SPFC domiciled in the District on one or more of th…

(a) An SPFC may discount its reserves at discount rates as approved by the Commissioner. (b) An SPFC shall file annually an actuarial opinion on reserves provided by an approved independent actuary.

(a) A contested case brought by a third party based on a decision of the Commissioner pursuant to this subchapter shall be governed by applicable civil law; provided, that, the aggrieved party shall: (1) Prove the appeal through clear and convincing evidence; (2) Demonstrate irre…

The Commissioner may promulgate rules necessary to effectuate the purposes of this subchapter. Rules promulgated pursuant to this section shall not affect an SPFC insurance securitization in effect at the time of the promulgation.

For the purposes of this chapter, the term: (1) “Insurer” means any individual, partnership, corporation, company, organization, professional association, or other business entity that issues, amends, or renews motor vehicle liability or homeowner’s liability insurance policies o…

(a) An insurer shall offer to any person who is a licensed caregiver pursuant to 29 DCMR 301, optional liability and comprehensive coverage for up to a total of 5 children and infants. The optional protection shall provide liability coverage for a child or infant who is injured w…

For purposes of this chapter, the Commissioner shall establish liability coverage levels in rulemaking pursuant to the provisions of subchapter I of Chapter 5 of Title 2.

For the purposes of this chapter, the term: (1) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking, or the commissioner, director, or superintendent of insurance in any other state. (A) Any person who performs that work; or (B) Any perso…

(a)(1) A risk retention group shall be chartered as an association captive insurer licensed pursuant to § 31-3931.01, and licensed to write only liability insurance pursuant to this chapter, and shall comply with all of the laws, rules, and regulations, and requirements applicabl…

Risk retention groups chartered and licensed in states other than the District seeking to do business as a risk retention group in the District shall comply with the laws of the District as follows: (1)(A) Before offering insurance in the District, a risk retention group shall su…

(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in the District, nor shall any risk retention group or its insureds or claimants against its insureds, receive any benefit…

A policy of insurance issued to a risk retention group, or any member of that group, shall not be required to be countersigned as otherwise provided in the District of Columbia insurance law.

A purchasing group and its insurer or insurers shall be subject to all applicable laws of the District, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law that would: (1) Prohibit the…

(a) A purchasing group which intends to do business in the District shall, prior to doing business, furnish notice to the Commissioner which shall: (1) Identify the state in which the group is domiciled; (2) Identify all other states in which the group intends to do business; (3)…

(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant…

Premium taxes and taxes on premiums paid for coverage of risks resident or located in the District by a purchasing group or any members of the purchasing groups shall be: (1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to pre…

The Commissioner is authorized to make use of any of the powers established under the Insurance Code of the District of Columbia to enforce the laws of the District of Columbia not specifically preempted by the federal Liability Risk Retention Act of 1986 (15 U.S.C. § 3901 et seq…

(a) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in the District from a risk retention group unless the person, firm, association, or corporation is licensed as an insurance agent or broke…

An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, upon finding that such a group is in hazardous fin…

For the purposes of this chapter, the term: (a)(1) "Commissioner" means the Commissioner of the Department of Insurance, Securities and Banking. (2) "Department" means the Department of Insurance, Securities and Banking. (3) "Holding Company System Act" means subchapter I of Chap…

(a)(1) An insurer shall maintain a risk management framework, as described in the ORSA Guidance Manual, to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. (2) A change in the ORSA Guidance Manual shall be eff…

Except as provided in § 31-4121.05, an insurer, or the insurance group of which the insurer is a member, shall conduct an ORSA using a process comparable to the applicable process contained in the ORSA Guidance Manual annually and any time there is significant change to the risk …

(a) Upon the Commissioner's request, and no more than once each year, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports applicable to the insurer or the insurance group of which it is a member that together contain the information de…

(a) An insurer shall be exempt from the requirements of this chapter if: (1) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation …