Section 26-A4021. TIME LIMIT FOR ASSESSMENTS

4021Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for and shall pay the subscriber’s share of any assessment, as computed and limited in accordance with this chapter if:

(a) While the subscriber’s policy is in force or within three years after its termination, the subscriber is notified by either the attorney or the Commissioner of his/her intention to levy such assessment; or

(b) An Order to Show Cause why a receiver, conservator, rehabilitator, or liquidator of the insurer should not be appointed is issued while the subscriber’s policy is in force or within three years after its termination.

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, 487 (January 18, 2008).