(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.
(Oct. 21, 1993, D.C. Law 10-46, § 5, 40 DCR 6082.)
1981 Ed., § 35-2904.
Structure District of Columbia Code
Title 31 - Insurance and Securities
§ 31–4102. Risk retention groups chartered in the District
§ 31–4103. Risk retention groups not chartered in the District
§ 31–4105. Countersignatures not required
§ 31–4106. Purchasing groups — Exemption from certain laws
§ 31–4107. Notice and registration requirements of purchasing groups
§ 31–4108. Restrictions on insurance purchased by purchasing groups
§ 31–4109. Purchasing group taxation
§ 31–4111. Duty of agents or brokers to obtain license
§ 31–4112. Binding effect of orders issued in United States District Court