§ 31-3931.14. Financial examination.

Current through October 23, 2012

(a) The Commissioner, or his designee, may visit each captive insurer at such times as he or she considers necessary to thoroughly inspect and examine the affairs of the captive insurer or segregated account of a captive insurer to ascertain:

(1) The financial condition of the captive insurer;

(2) The ability of the captive insurer to fulfill its obligations; and

(3) Whether the captive insurer has complied with the provisions of this chapter and the regulations adopted pursuant thereto.

(b) The Commissioner may require a captive insurer to retain qualified independent legal, financial, and examination services from outside the Department to conduct the examination and make recommendations to the Commissioner. The cost of the examination shall be paid by the captive insurer.

(d) For purposes of subsection (a) of this section, segregated accounts of a captive insurer shall not be separately examined unless the Commissioner has sufficient cause to examine one or more segregated accounts.

                
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(Mar. 17, 2005, D.C. Law 15-262, § 15, 52 DCR 1205.)

HISTORICAL AND STATUTORY NOTES

Emergency Act Amendments

For temporary (90 day) addition of section, see § 15 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.