§ 31-3932.11 — Reinsurance.

District of Columbia § 31-3932.11

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 39A: Captive Insurance Companies (2004).
• Subch. II: Special Purpose Financial Captive Insurance Companies.

Text

An SPFC contract which complies with this subchapter shall be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an SPFC as an assuming insurer pursuant to § 31-502 , for the benefit of the counterparty; provided, that:

(1) Credit shall be granted only to the extent of the fair value of the assets held in trust for, or irrevocable letters of credit issued by a bank chartered by the District or a member bank of the Federal Reserve System or as approved by the Commissioner, for the benefit of the counterparty under the SPFC contract;

(2) The assets are held in trust pursuant to this subchapter;

(3) The assets are administered in the manner and pursuant to arrangements as provided in this subchapter; and

(4) The assets are held or invested in one or more of the forms allowed by § 31-3932.07 .

Legislative History

Mar. 17, 2005, D.C. Law 15-262, § 211; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944