§ 31-1373.06. Equity interests.

Current through October 23, 2012

(a) Subject to the limitations of § 31-1373.03, an insurer may acquire equity interests in business entities organized under the laws of any domestic jurisdiction.

(b) An insurer shall not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of investments held by the insurer under this section would exceed the greater of 25% of its admitted assets or 100% of its surplus as regards policyholders.

(d) An insurer shall not short sell equity investments unless the insurer covers the short sale by owning the equity investment or an unrestricted right to the equity instrument exercisable within 6 months of the short sale.

                
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(Apr. 11, 2003, D.C. Law 14-297, § 306, 50 DCR 330.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 14-297, see notes following § 31-1371.01.