District of Columbia § 31-2206 Additional requirements for U.S. Branch license.

District of Columbia Statutes

§ 31-2206 — Additional requirements for U.S. Branch license.

District of Columbia·Title 31 Insurance and Securities.·Ch. 22 State of Entry for Non-U.S. Insurers.

(a)Before issuing any new or renewal license to any U.S. Branch, the Commissioner may require satisfactory proof, either in the non-U.S. insurer’s charter or by an agreement evidenced by a duly certified resolution of its board of directors, or otherwise as the Commissioner may require, that the insurer will not engage in any insurance business in contravention of the provisions of this chapter or not authorized by its charter.

(b)The Commissioner shall issue a renewal license to any U.S. Branch if satisfied, by such proof as required, that the insurer is not delinquent with respect to any requirement imposed by this chapter and that its continuance in business in the District will not be hazardous or prejudicial to the best interest of the people of the District.

(c)No U.S. Branch sh

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(a) Before issuing any new or renewal license to any U.S. Branch, the Commissioner may require satisfactory proof, either in the non-U.S. insurer’s charter or by an agreement evidenced by a duly certified resolution of its board of directors, or otherwise as the Commissioner may require, that the insurer will not engage in any insurance business in contravention of the provisions of this chapter or not authorized by its charter.

(b) The Commissioner shall issue a renewal license to any U.S. Branch if satisfied, by such proof as required, that the insurer is not delinquent with respect to any requirement imposed by this chapter and that its continuance in business in the District will not be hazardous or prejudicial to the best interest of the people of the District.

(c) No U.S. Branch shall be licensed to do in the District any kind of insurance business, or any combination of kinds of insurance business, which are not permitted to be done by domestic insurers licensed under the provisions of this chapter. No U.S. Branch shall be authorized to do an insurance business in the District if it does anywhere within the United States any kind of business other than an insurance business and the business necessarily or properly incidental to the kinds of insurance business which it is authorized to do in the District.

(d) Except as otherwise specifically provided, no U.S. Branch, entering through the District or another state, shall be or continue to be authorized to do an insurance business in the District if it fails to comply substantially with any requirement or limitation of this chapter applicable to similar domestic insurers hereafter organized, which in the judgment of the Commissioner is reasonably necessary to protect the interest of the policyholders.

(e) No U.S. Branch that does outside of the District any kind or combination of kinds of insurance business not permitted to be done in the District by similar domestic insurers hereafter organized shall be or continue to be authorized to do an insurance business in the District, unless in the judgment of the Commissioner the doing of such kind or combination of kinds of insurance business will not be prejudicial to the best interest of the people of the District.

(f) No U.S. Branch shall be, or continue to be, authorized to do an insurance business in the District if it fails to keep full and correct entries of its transactions, which shall at all times be open to the inspection of persons invested by law with the rights of inspection and be maintained in its principal office within the District.

District of Columbia § 31-2206 (Additional requirements for U.S. Branch license.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.