776308 Errata Notice - Reciprocal Insurance Companies

OFFICE OF DOCUMENTS AND ADMINISTRATIVE ISSUANCES

AND

DEPARTMENT OF INSURANCE, SECURITIES AND BANKING

ERRATA NOTICE

The Administrator of the Office of Documents and Administrative Issuances (ODAI), pursuant to the authority set forth in section 309 of the District of Columbia Administrative Procedure Act, approved October 21, 1968 (82 Stat. 1203; D.C. Official Code § 2-559), and the Commissioner of the Department of Insurance, Securities and Banking (DISB), 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), hereby gives notice of the corrections to the District of Columbia Municipal Regulations (DCMR) as amended by a Notice of Final Rulemaking published in the D.C. Register  and issued by the Department of Insurance, Securities and Banking on January 18, 2008 at 55 DCR 479.

The Notice of Final Rulemaking created a new chapter 40 entitled, “Reciprocal Insurance Companies.”  This Errata Notice corrects the improper references to subsections when cited within other subsections in order to comply with the ODAI rulemaking format and to prevent any confusion that might arise as a result of how the rulemaking is currently drafted.

In subsection 4006.4, the phrase, “subsection (3),” is replaced with “subsection 4006.3” so that the entire subsection reads as follows:

4006.4 No declaration shall be required under this section for any reciprocal insurer organized in the District as a result of a conversion under subsection 4006.3 of this section

Similarly, in subsection 4010.1, the phrase, “subsection (2),” is replaced with “subsection 4010.2” so that the entire subsection reads as follows:

4010.1             Concurrently with the filing of the declaration provided for in section 4006 of this chapter, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of the reciprocal for the benefit of all persons damaged as a result of breach by the attorney of the conditions of the attorney’s bond as set forth in subsection 4010.2 of this section.  The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the Commissioner’s approval.

 

Any questions or comments regarding this notice shall be addressed by mail to the Administrator, Office of Documents and Administrative Issuances, 441 4^th Street, N.W., Suite 520 South, Washington, D.C. 20001, or via telephone at [phone]