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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-A. INSURANCE |
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Chapter 26-A46. PROCEDURES FOR THE DETERMINATION OF EXCESS SURPLUS |
Section 26-A4602. PUBLIC HEARINGS
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4602.1The Commissioner shall publish a public notice of hearing in the D.C. Register setting forth the hearing date for the surplus determination, including applicable briefing schedule as determined by the Commissioner. The public notice shall be published no later than forty-five (45) days prior to the hearing. A copy of the public notice shall be served on any corporation subject to the public hearing by U.S. mail no less than forty-five (45) days prior to the hearing.
4602.2The corporation and members of the public may submit a written report for consideration by the Commissioner no later than fifteen (15) days prior to the hearing date. The corporation’s report shall not exceed 50 pages in length and interested persons’ reports should not exceed fifteen (15) pages. The Commissioner shall publish any report submitted pursuant to this section on the Department’s website no later than two (2) days after receipt of a report.
4602.3The hearing shall be conducted in accordance with the following requirements:
(a) The hearing shall be transcribed at the cost of the corporation;
(b) The corporation may make an oral presentation.
(c) At the discretion of the Commissioner, interested members of the public may make oral presentations.
(d) The Commissioner may directly, or through independent experts, question witnesses presented by the corporation or any interested person making a presentation.
(e) The corporation should be allowed to make a final statement prior to the conclusion of the hearing. The final statement should not exceed thirty (30) minutes.
4602.4The record in the hearing shall remain open for seven (7) days to allow the corporation or interested persons to file rebuttal statements, not to exceed eight (8) pages, clarifying any issue or responding to questions raised at the hearing.
4602.5Following the hearing, the Commissioner shall make a final determination regarding the corporation’s surplus after review of all relevant submissions and with the assistance of experts, if necessary. The cost of any experts used by the Commissioner shall be borne by the corporation.
4602.6The final determination shall be issued in writing and shall be accompanied by findings of fact and conclusions of law.
4602.7The transcript of a Public Hearing shall be posted for public inspection on the Department’s website as soon as practicable.