§ 31-3931.15 — Revocation, suspension, or fine.

District of Columbia § 31-3931.15

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 39A: Captive Insurance Companies (2004).
• Subch. I: General.

Text

(a) The Commissioner may revoke or suspend the certificate of authority to transact insurance business in the District of a captive insurer, including, if applicable, a protected cell, which:

(1) Has failed or refused to comply with any provision or requirement of this chapter;

(2) Is impaired in capital or surplus;

(3) Is insolvent;

(4) Is determined, pursuant to Chapter 21 of this title , to be in such condition that further transaction of business by the company will be hazardous to its policyholders, creditors, or the general public;

(5) Has failed or refused to submit any report or statement required by law or order of the Commissioner;

(6) Has failed or refused to comply with any provision of its charter or bylaws;

(6A) Has violated Chapter 22A of this title [ §  31-2231.01 et seq.]; provided, that this paragraph shall apply only to District-domiciled risk retention groups licensed as captive insurers;

(7) Has used any method in transacting insurance business pursuant to this chapter which would be detrimental to the operation of the captive insurer or would make its condition unsound with respect to its policyholders or the general public; or

(8) Has failed otherwise to comply with the laws of the District or any jurisdiction.

(b) The Commissioner may also impose a fine not to exceed $5,000 for each violation by a captive insurer, including, if applicable, a protected cell, of any of the provisions found in subsection (a) of this section.

Legislative History

Mar. 17, 2005, D.C. Law 15-262, § 16, 52 DCR 1205; Mar. 10, 2015, D.C. Law 20-203, § 2(j), 61 DCR 12572