• Current through October 23, 2012

(a) On or before March 2 of each year, a captive insurer shall submit to the Commissioner, on a form prescribed by the Commissioner by regulation, a report of its financial condition, as prepared by a certified public accountant. A captive insurer shall file a consolidated report on behalf of each of its segregated accounts. A captive insurer shall use generally accepted accounting principles and include any useful or necessary modifications or adaptations thereof that have been approved or accepted by the Commissioner for the type of insurance and kinds of insurers to be reported upon, as supplemented by additional information required by the Commissioner.

(b) A pure captive insurer may apply, in writing, for authorization to file its annual report based on a fiscal year that is consistent with the fiscal year of the parent company of the pure captive insurer. If an alternative date is granted:

(1) The annual report shall be due not later than 60 days after the end of each fiscal year; and

(2) The pure captive insurer shall file on or before March 2 of each year such forms as required by the Commissioner by regulation to provide sufficient detail to support its premium tax return filed pursuant to § 31-3931.12.

(c) All risk retention groups licensed as captive insurers shall comply with Chapter 3 of this title, except that the exemption in § 31-314(a) shall not apply to risk retention groups. All risk retention groups licensed as captive insurers shall comply with the actuarial opinion filing requirements set forth in §§ 31-2502.26a and 31-2502.26b.

(Mar. 17, 2005, D.C. Law 15-262, § 14, 52 DCR 1205; Mar. 14, 2012, D.C. Law 19-103, § 2(d), 59 DCR 432.)


Effect of Amendments

D.C. Law 19-103 added subsec. (c).

Emergency Act Amendments

For temporary (90 day) addition of section, see § 14 of Captive Insurance Company Emergency Act of 2004 (D.C. Act 15-640, November 30, 2004, 52 DCR 1238).

Legislative History of Laws

For Law 15-262, see notes following § 31-3931.01.

For history of Law 19-103, see notes under § 31-3931.03.