Section 26-A1609. ACQUISITION OF SECTION 4(B) INSURERS; PRE-ACQUISITION NOTIFICATION

 

1609Acquisition of Section 4(b)(4) Insurers

 

1609.1           If the person being acquired is deemed to be a “domestic insurer” solely because of the provisions of Section 4(b)(4) of the Act, the name of the domestic insurer on the cover page should be indicated as follows:

 

“ABC Insurance Company, a subsidiary of XYZ Holding Company”.

 

1609.2           Where a Section 4(b)(4) insurer is being acquired, references to the “the insurer” contained in Form A shall refer to both the domestic subsidiary insurer and the person being acquired.

 

1609a.Pre-Acquisition Notification

 

1609a.1           If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to Section 4(b)(1) of the Act, that person shall file a pre-acquisition notification form, Form E, which was developed pursuant to Section 5(c)(2) of the Act.

 

1609a.2          If a non-domiciliary insurer licensed to do business in this state is proposing a merger or acquisition pursuant to section 5 of the Act, that person shall file a pre-acquisition notification form, Form E.  No pre-acquisition notification form need be filed if the acquisition is beyond the scope of Section 5 as set forth in Section 5(b)(2).

 

1609a.3           In addition to the information required by Form E, the Commissioner may wish to require an expert opinion as to the competitive impact of the proposed acquisition.

 

 

authority

Section 10 of the Holding Company System Act of 1993, effective October 21, 1993 (D.C. Law 10-44; D.C. Official Code § 31-701 (2013 Repl.)), and Section 4(a) of the Department of Insurance and Securities Regulation Establishment Act of 1996, effective March 21, 1997 (D.C. Law 11-268; D.C. Official Code § 31-103(a)(1) (2013 Repl.)).

source

Final Rulemaking published at 41 DCR 2185 (April 22, 1994); as amended by Final Rulemaking published at 62 DCR 13004 (October 2, 2015).

EditorNote

These regulations were originally promulgated pursuant to the authority granted in D.C. Official Code § 35-1908 (1973 ed.), and Commissioner’s Order 74-231, dated November 6, 1974.