Section 26-A4001. AUTHORIZATION AND APPLICABILITY

4001.1Any captive insurer may organize or reorganize and operate as a reciprocal insurer, subject to the act and these regulations.  These regulations shall apply to all captive insurers organized as reciprocal insurers.  It specifies the terms on which a reciprocal insurer may receive a certificate of authority and operate in the District of Columbia.  These regulations provide for the licensing and regulation of reciprocal insurers, the conversion of a domestic stock or mutual insurance company into a domestic reciprocal insurer, the merger of a domestic reciprocal insurer with another reciprocal insurer, and the conversion of a domestic reciprocal insurer into a stock or mutual insurance company.

authority

The Commissioner of the Department of Insurance, Securities, and Banking, pursuant to the authority set forth in 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).

source

Notice of Emergency and Proposed Rulemaking published at 54 DCR 12099 (December 14, 2007)[EXPIRED]; as amended by Notice of Final Rulemaking published at 55 DCR 479 (January 18, 2008).