Section 26-A5608. WAIVER OF RECAPTURE OR FORFEITURE UPON DECERTIFICATION

 

5608.1 A certified capital company may request the Commissioner to waive the recapture or forfeiture of premium tax credits upon the decertification of the certified capital company pursuant to section 8(c) of the Act by filing a Request for Waiver of Recapture or Forfeiture Form within ten (10) business days of receiving notice from the Commissioner of the decertification of the certified capital company.

 

5608.2 A request for a waiver filed pursuant to § 5608.1 shall provide all the facts, circumstances, and other information that demonstrate that the waiver of the recapture or forfeiture of premium tax credits will further economic development in the District.

 

5608.3 The Commissioner shall review a request for a waiver filed pursuant to § 5608.1 and, in his or her sole discretion, may approve or disapprove the request for a waiver within thirty (30) days of receipt of the request.   

 

5608.4The Commissioner shall notify the decertified certified capital company of the Commissioner's determination made pursuant to § 5608.3.

 

5608.5 The following violations of section 6 of the Act, unless waived by the Commissioner, are material and shall be grounds for decertification of a certified capital company:

 

(a) A violation of section 6(a), (c), (d), (f), (g)(1), or (g)(4) of the Act; and

 

(b) More than two (2) violations of the requirements established by section 6(g)(2) and (3) of the Act.
 

authority

Commissioner of the Department of Insurance, Securities and Banking, pursuant to the authority set forth in Section 10 of the Certified Capital Companies Act of 2003, effective March 10, 2004 (D.C. Law 15-87; D.C. Official Code § 31-5231 et seq.)

source

Final Rulemaking published at 51 DCR 7555, 7561