Section 26-A3707. CAPITAL AND SURPLUS REQUIREMENTS

Latest version.

3707.1A captive insurer using a letter of credit as evidence of capital permitted by Section 7(d) of the Act shall not enter into any agreement with the issuer of the letter of credit granting the issuer any of the following:

(a)a right of reimbursement;

(b)a right of set-off against any funds or other assets owned by the captive insurer;

(c)a lien or other interest in any assets owned by the captive insurer; or

(d)a right to draw down on the letter or credit, in whole or in part.

authority

Section 22 of the Captive Insurance Company Act of 2004, effective March 17, 2005 (D.C. Law 15-262; D.C. Official Code § 31-3931.21 (2011 Repl.)).

source

Final Rulemaking published at 48 DCR 8034(August 24, 2001); as amended by Final Rulemaking published at 59 DCR 13088 (November 16, 2012).

                    
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