Section 26-A4024. SUBSCRIBERS’ SHARE IN ASSETS

4024.1Upon the liquidation of a domestic reciprocal insurer, its remaining assets shall be distributed according to such reasonable plan as the Commissioner may approve.

4024.2No subscriber shall receive any distribution from a liquidated domestic reciprocal insurer until:

(a) All indebtedness and policy obligations are discharged;

(b) Any contributions of the attorney or other persons to the surplus of the reciprocal insurer have been returned; and

(c) Any unused premium, savings, or credits held by the reciprocal insurer are returned.

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, 488 (January 18, 2008).