§ 31-3931.16. Insolvency.

Current through October 23, 2012

(a) A captive insurer shall not join or contribute financially to any risk-sharing plan, risk pool, or insurance insolvency guaranty fund in the District. A captive insurer or its insured, its parent or an affiliated company, or any member organization of its association shall not receive any benefit from the plan, pool, or fund for claims arising out of the operations of the captive insurer.

(b) The terms and conditions set forth in Chapter 13 of this title, pertaining to insurer rehabilitation, insolvency, and receiverships, shall apply in full to captive insurance companies licensed under this chapter and shall apply to the segregated accounts of a captive insurer on an account basis. If there is a conflict between the provisions of this chapter and Chapter 13 of this title, the provisions of this chapter shall prevail.

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

HISTORICAL AND STATUTORY NOTES

Emergency Act Amendments

For temporary (90 day) addition of section, see § 17 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.