Section 26-A3706. DEPOSIT REQUIREMENT

Latest version.

3706.1Whenever the Commissioner deems that the financial condition of the captive insurance company warrants additional security, he or she may require a company to deposit in the Commissioner's custodial account cash or securities approved by the Commissioner or, alternatively, to furnish the Commissioner with a clean irrevocable letter of credit issued by a bank that has a branch located in the District of Columbia, and approved by the Commissioner.

3706.2The captive insurance company may receive interest or dividends from said deposit or exchange the deposits for others of equal value after receiving prior written approval from the Commissioner.

3706.3If such captive insurance company discontinues business, the Commissioner shall return such deposit only after being satisfied that all obligations of the company have been discharged.

source

Final Rulemaking published at 48 DCR 8034(August 24, 2001).

                    
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