§ 31-4102. Risk retention groups chartered in the District.

Current through October 23, 2012

(a)(1) A risk retention group shall be chartered as an association captive insurer licensed pursuant to § 31-3931.01, and licensed to write only liability insurance pursuant to this chapter, and shall comply with all of the laws, rules, and regulations, and requirements applicable to captive insurance companies chartered and licensed in the District and with § 31-4103, to the extent the requirements are not a limitation on laws, rules, regulations, or requirements of the District.

(2) All risk retention groups chartered in the District shall file with the Mayor and the NAIC an annual statement in a form prescribed by the NAIC and in any other form required by the Mayor.

(3) Any license issued pursuant to this section shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of Title 47.

(b) Before it may offer insurance in any state, each risk retention group shall also submit to the Mayor a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study, within 10 days of any change. The group shall not offer any additional kinds of liability insurance, in the District or in any other state, until a revision of the plan or study is approved by the Commissioner.

(c)(1) At the time of filing its application for a charter, the risk retention group shall provide to the Commissioner, in summary form, the following information:

(A) The identity of the initial members of the group;

(B) The identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group;

(D) The coverages to be afforded; and

(E) The states in which the group intends to operate.

(2) Upon receipt of this information, the Mayor shall forward the information to the NAIC. Providing notification to the NAIC is in addition to and shall not be sufficient to satisfy the requirements of § 31-4103 or any other sections of this chapter.

                
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(Oct. 21, 1993, D.C. Law 10-46, § 3, 40 DCR 6082; Apr. 26, 1994, D.C. Law 10-103, § 4(b), 41 DCR 1005; May 21, 1997, D.C. Law 11-268, § 10(aa)(2), 44 DCR 1730; Apr. 20, 1999, D.C. Law 12-261, § 2003(ll), 46 DCR 3142; Oct. 28, 2003, D.C. Law 15-38, § 3(z), 50 DCR 6913; Mar. 16, 2005, D.C. Law 15-262, § 26, 52 DCR 1205.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-2902.

Effect of Amendments

D.C. Law 15-38, in subsec. (a)(3), substituted "Financial Services endorsement to a basic business license under the basic" for "Class A Financial Services endorsement to a master business license under the master".

D.C. Law 15-262 rewrote subsec. (a)(1) which had read:

"(a)(1) A risk retention group shall be chartered and licensed to write only liability insurance pursuant to this chapter, and, except as provided elsewhere in this chapter, must comply with all of the laws, rules, regulations, and requirements applicable to an insurer chartered and licensed in the District and with § 31-4103 to the extent the requirements are not a limitation on laws, rules, regulations, or requirements of the District."

Temporary Amendments of Section

For temporary (225 day) amendment of section, see § 4(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626).

Emergency Act Amendments

For temporary (90 day) amendment of section, see § 3(z) of Streamlining Regulation Emergency Act of 2003 (D.C. Act 15-145, August 11, 2003, 50 DCR 6896).

For temporary (90 day) amendment of section, see § 26 of Captive Insurance Company Emergency Act of 2004 (D.C. Act 15-640, November 30, 2004, 52 DCR 1238).

Legislative History of Laws

For legislative history of D.C. Law 10-46, see Historical and Statutory Notes following § 31-4101.

For legislative history of D.C. Law 10-103, see Historical and Statutory Notes following § 31-4101.

For legislative history of D.C. Law 11-268, see Historical and Statutory Notes following § 31-4101.

Law 12-261, the "Second Omnibus Regulatory Reform Amendment Act of 1998," was introduced in Council and assigned Bill No. 12-845, which was referred to the Committee of the Whole. The Bill was adopted on first and second reading on December 1, 1998, and December 15, 1998, respectively. Signed by the Mayor on December 31, 1998, it was assigned Act No. 12-615, and transmitted to both Houses of Congress for review. D.C. Law 12-261 became effective on April 20, 1999.

For Law 15-38, see notes following § 31-1103.

For Law 15-262, see notes following § 31-3901.