(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 [§ 31-1301 et seq.] (“1993 Act”), pertaining to insurer rehabilitation, insolvency, and receiverships shall apply in full to captive insurers licensed under this chapter and shall apply to the protected cells of a captive insurer on a cell basis. If there is a conflict between the provisions of this chapter and the 1993 Act, the provisions of this chapter shall prevail, including the provisions of § 31-3931.05 for liquidation and rehabilitation of protected cells.
(Mar. 17, 2005, D.C. Law 15-262, § 17, 52 DCR 1205; Mar. 10, 2015, D.C. Law 20-203, § 2(k), 61 DCR 12572.)
This section is referenced in § 31-3932.03.
The 2015 amendment by D.C. Law 20-203 rewrote (b).
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).
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 39A - Captive Insurance Companies (2004)
§ 31–3931.02. Authority to do business; prohibited activities
§ 31–3931.03. Organizational requirements for transacting business; incorporation
§ 31–3931.04. Protected cell captive insurers
§ 31–3931.05. Liquidation and rehabilitation of protected cells
§ 31–3931.06. Capital and surplus
§ 31–3931.09. Application requirements
§ 31–3931.11. Requirements for transacting business
§ 31–3931.12. Tax on premiums collected
§ 31–3931.14. Financial examination
§ 31–3931.15. Revocation, suspension, or fine
§ 31–3931.18. Rating organization
§ 31–3931.19. Captive insurance regulatory and supervision trust account