Section 26-A4004. NAME, SUITS, AND POWERS

4004.1No reciprocal insurer shall be authorized to transact business in the District unless the name under which reciprocal contracts are to be exchanged shall include the word “reciprocal” or be supplemented by the following words immediately below the name under which such contracts are exchanged: “A reciprocal”.

4004.2A reciprocal insurer may sue and be sued in its own name.

4004.3A reciprocal insurer may own property in its own name.

4004.4A reciprocal insurer shall have the power to borrow and lend money from or to any person.

4004.5A reciprocal insurer shall have the power to the fullest extent permitted by law to indemnify its officers, employees, or agents and members of the subscriber’s advisory committee.

4004.6A reciprocal insurer shall have and exercise all powers necessary or convenient to effect any and all of the purposes for which it is formed and which are authorized by the act.

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, 480 (January 18, 2008).