 |
D.C. Municipal Regulations (Last Updated: September 13, 2017) |
 |
Title 26. INSURANCE, SECURITIES, AND BANKING |
|
SubTilte 26-A. INSURANCE |
|
Chapter 26-A56. CERTIFIED CAPITAL COMPANIES |
Section 26-A5603. REVIEW OF AN APPLICATION FOR CERTIFICATION
-
5603.1 The Commissioner shall review an Application for Certification and all required documents to determine whether the applicant satisfies the requirements for certification as a certified capital company set forth in section 3 of the Act and § 5602.
5603.2 Except as provided in § 5603.6 or § 5603.7, the Commissioner shall approve or disapprove the certification of an applicant as a certified capital company within thirty (30) days of the date of receipt of a complete Application for Certification filed by the Applicant.
5603.3 If the Commissioner determines that an Application for Certification is incomplete or the Commissioner requests supplemental information, the Commissioner, within ten (10) days of the date of receipt of an Application for Certification, shall notify the applicant, in writing, that the Application is incomplete or that the Commissioner requires the applicant to submit additional information to supplement the Application for Certification.
5603.4 The notice required pursuant to § 5603.3 shall provide a list of the documentation or information required to complete or supplement the Application for Certification.
5603.5 In the event an Application for Certification filed with the Department is incomplete or if the Commissioner requests additional information in connection with a filed Application for Certification, the Application for Certification shall be deemed received on the date it was originally submitted only if the applicant submits the additional information within fifteen (15) days after the date of the Commissioner's written request.
5603.6 Upon receiving all missing or requested information set forth in a notice provided pursuant to § 5603.3, the Commissioner shall have fifteen (15) days from the day that the missing or requested information is submitted, to approve or reject the Application for Certification.
5603.7 Upon receiving an amended Application for Certification correcting or updating the information provided in the Application for Certification pursuant to § 5601.3, the Commissioner shall have fifteen (15) days from the day that the missing or requested information is submitted, in addition to the thirty (30) day period provided in § 5603.2, to approve or reject the Application for Certification.
5603.8 An Application for Certification shall be deemed withdrawn, and the Commissioner shall have no obligation to provide additional notices to the applicant or take further action on the Application for Certification if the applicant fails to provide to the Department missing or requested information for an Application for Certification within fifteen (15) days after the notice provided pursuant to § 5603.3.
5603.9 Upon the Commissioner's disapproval of an Application for Certification, the Commissioner shall provide written notice to the applicant of the disapproval and the requirements of section 3 of the Act or § 5603 that the applicant failed to satisfy.
5603.10 An applicant that receives a notice of disapproval pursuant to § 5603.9 may file an amended Application for Certification within fifteen (15) days of receipt of a notice of disapproval issued by the Commissioner pursuant to § 5603.9.
5603.11 Within fifteen (15) days of receipt of an amended Application for Certification filed pursuant to § 5603.10, the Commissioner shall review the Application for Certification and certify, or refuse to certify, the applicant as a certified capital company.