Section 26-A4099. DEFINITIONS

Where applicable, the words and phrases used in this chapter shall have the same meaning as is found in the Captive Insurance Company Act of 2004, effective March 17, 2005 (D.C. Law 15-262; D.C. Official Code § 31-3131.01 et seq.).  Additionally, for purpose of this chapter, the term:

“Act” means the Captive Insurance Company Act of 2004, effective March 17, 2005 (D.C. Law 15-262; D.C. Official Code § 31-3131.01 et seq.). 

“Assessable policy” means an insurance policy that permits an insurer to require its policyholders to contribute additional monies to the insurer in the event that the insurer has insufficient funds to cover losses it is obligated to pay.

“Reciprocal insurers” or “reciprocals” mean an unincorporated insurance company, under a common name, in which subscribers exchange insurance policies through an Attorney in Fact, having the authority to obligate each subscriber both as insured and insurer, for the purpose of transferring and distributing insurance risks among its subscribers.

“Reciprocal interinsurance contract” means an insurance policy that is used to transfer and distribute insurance risks in a reciprocal insurance company.

“Risk retention group” has the same meaning as the term is defined in section 2(12) of the Risk Retention Act of 1993, effective October 21, 1993 (D.C. Official § 31-4101(12)).

“Subscriber” means one or more persons who obtain insurance through the exchange of agreements of indemnity in a reciprocal insurer and who are obligated under a reciprocal insurance agreement.

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, 490 (January 18, 2008).