District of Columbia Statutes
§ 31-1307 — Condition on release from delinquency proceedings; conditions on operations during proceedings.
District of Columbia·Title 31 Insurance and Securities.·Ch. 13 Insurers Rehabilitation and Liquidation Procedures.
No insurer that is subject to any delinquency proceedings, whether formal or informal (administrative or judicial), shall:
(1)Be released from the proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;
(2)Be permitted to solicit or accept new business, or request or accept the restoration of any suspended or revoked license or certificate of authority;
(3)Be returned to the control of its shareholders or private management; or
(4)Have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses and interest on all payments and expenses, shall have been repaid to the guaranty associ
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Legislative History
Oct. 15, 1993, D.C. Law 10-35, § 8, 40 DCR 5773
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