(a) The Commissioner may adopt rules and regulations necessary to implement the provisions of this chapter.
(b) The Commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements; provided, that regulations adopted pursuant to this subsection:
(1) May apply only to reinsurance relating to:
(A) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;
(B) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;
(C) Variable annuities with guaranteed death or living benefits;
(D) Long-term care insurance policies; and
(E) Such other life and health insurance and annuity products as to which the National Association of Insurance Commissioners ("NAIC") adopts model regulatory requirements with respect to credit for reinsurance.
(2) Pursuant paragraph (1)(A) or (B) of this subsection may apply to any treaty containing:
(A) Policies issued on or after January 1, 2015; or
(B) Policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015;
(3) May require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC, as amended.
(4) Shall not apply to cessions to an assuming insurer that:
(A) Is certified in the District or, at a minimum, in 5 other states or meets the conditions set forth in § 31-501(f-1); or
(B) Maintains at least $250 million in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is:
(i) Licensed in at least 26 states; or
(ii) Licensed in at least 10 states, and licensed or accredited in a total of at least 35 states.
(Oct. 21, 1993, D.C. Law 10-36, § 5, 40 DCR 5812; Apr. 11, 2019, D.C. Law 22-292, § 201(c), 66 DCR 1691; Dec. 13, 2022, D.C. Law 24-194, § 2(b), 69 DCR 012703.)
Section 401 of D.C. Law 22-292 provided that the changes made to this section by D.C. Law 22-292 shall apply to all insurance policies issued or renewed in the District 90 days after April 11, 2019.
For temporary (90 days) amendment of this section, see § 2(b) of Credit for Reinsurance Congressional Review Emergency Amendment Act of 2022 (D.C. Act 24-589, Oct. 25, 2022, 0 DCR 0).
For temporary (90 days) amendment of this section, see § 2(b) of Credit for Reinsurance Emergency Amendment Act of 2022 (D.C. Act 24-537, July 27, 2022, 0 DCR 0).