Section 26-A1001. FOREIGN AND ALIEN INSURANCE COMPANIES

 

1001.1The Commissioner may satisfy himself or herself by investigation that a foreign life insurance company is qualified to transact business in the District. This investigation may include consideration of a company's condition, record, and reputation after it has actively engaged in the business of insurance for a reasonable period of time.

 

1001.2No foreign life insurance company shall be licensed to transact business in the District until it has continuously, actively, and successfully transacted the business of insurance in the state of its domicile for at least two (2) years immediately prior to the time the license is applied for.

 

1001.3An exception to §1001.2 may be made in the case of any of the following:

 

(a)An applicant which is owned or controlled by a company which has been licensed in the District for at least three years prior to the date of the new company's application;

 

(b)An applicant which has surplus (or combined capital and surplus) of not less than three million dollars ($3,000,000); or

 

(c)Where, for the protection of District policyholders and claimants exclusively, the company has established an escrow fund in the District in an amount not less than three hundred thousand dollars ($300,000) under conditions approved by the Commissioner of Insurance