Section 26-A5612. FULL INVESTMENT

 

5612.1 Except as provided in § 5612.2, a certified capital company that has invested an amount cumulatively equal to one hundred percent (100%) of its certified capital in qualified investments shall not be subject to the regulation of the Commissioner provided that the certified capital company provides the Commissioner with audited financial statements, or an agreed upon procedures letter, that demonstrate that the certified capital company has invested an amount cumulatively equal to one hundred percent (100%) of its certified capital in qualified investments, and the Commissioner certifies that the certified capital company has invested an amount cumulatively equal to one hundred percent (100%) of its certified capital in qualified investments.

 

5612.2 Notwithstanding § 5612.1, the requirements to apportion distributions to the District under subsection 7(b)(2) of the Act shall continue after a certified capital company has invested an amount cumulatively equal to one hundred percent (100%) of its certified capital.

 

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, 7563 (July 30, 2004)