Section 26-A3713. SUSPENSION OR REVOCATION OF CAPTIVE LICENSE

 

3713.1The Commissioner may, subject to the provisions of this section, by order suspend or revoke the license of the company:

 

(a)if the company has not commenced business according to its plan of operation within two years of being licensed; or

 

(b)if the company ceases to carry on insurance business in or from within the District;

 

(c)at the request of the company; or

 

(d)for any reason provided in Section 16 of the Act.

 

3713.2Before the Commissioner suspends or revokes the license of a company pursuant to section § 3713.1, the Commissioner shall give the company notice in writing of the grounds on which he proposes to suspend or revoke the license, and shall afford the company an opportunity for a hearing within the period of thirty days after receipt of notice.

 

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).