§ 31-4104. Restrictions.

Current through October 23, 2012

(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in the District, nor shall any risk retention group or its insureds or claimants against its insureds, receive any benefit from such a fund for claims arising under the insurance policies issued by the risk retention group.

(b) When a purchasing group obtains insurance covering its members from an insurer not authorized in this state, or a risk retention group, no risks, resident or located, shall be covered by any insurance guaranty fund or similar mechanism in the District.

(c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in the District shall be covered by the District property and liability guaranty fund.

                
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(Oct. 21, 1993, D.C. Law 10-46, § 5, 40 DCR 6082.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-2904.

Legislative History of Laws

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