Source: https://code.dccouncil.us/dc/council/code/sections/31-705.html
Timestamp: 2019-04-20 22:34:07+00:00

Document:
D.C. Law Library - § 31–705. Registration of insurers.
↪ § 31–705. Registration of insurers.
(2) Any insurer which is subject to registration under this section shall register within 15 days after it becomes subject to registration, and annually thereafter by April 30 of each year, unless the Mayor for good cause shown extends the time for registration, and then within the extended time. The Mayor may require any insurer authorized to do business in the District which is a member of a holding company system, and which is not subject to registration under this section, to furnish a copy of the registration statement, the summary specified in subsection (c) of this section or other information filed by the insurance company with the insurance regulatory authority of domiciliary jurisdiction.
(7) Any other information required by the Mayor by rule or regulation.
(c) All registration statements shall contain a summary outlining all items in the current registration statement which are different from the prior registration statement.
(d) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if the information is not material for the purposes of this section. Unless the Mayor by rule, regulation, or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit, investments, or guarantees involving one-half of 1% or less of an insurer’s admitted assets as of the 31st day of December next preceding shall not be deemed material for purposes of this section.
(e) Subject to § 31-706(b), each registered insurer shall report to the Mayor all dividends and other distributions to shareholders within 15 business days following their declaration.
(f) Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurer, where the information is reasonably necessary to enable the insurer to comply with the provisions of this subchapter.
(g) The Mayor shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
(h) The Mayor may require or allow 2 or more affiliated insurers subject to registration to file a consolidated registration statement.
(i) The Mayor may allow an insurer which is authorized to do business in the District and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) of this section and to file all information and material required to be filed under this section.
(j) The provisions of this section shall not apply to any insurer, information, or transaction if and to the extent that the Mayor by rule, regulation, or order shall exempt the same from the provisions of this section.
(k) Any person may file with the Mayor a disclaimer of affiliation with any authorized insurer or the disclaimer may be filed by the insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming the affiliation. A disclaimer of affiliation shall be deemed to have been granted, unless the Mayor, within 30 days following receipt of a complete disclaimer, notifies the filing party that the disclaimer is disallowed. In the event of disallowance, the disclaiming party may request an administrative hearing, which shall be granted. The disclaiming party shall be relieved of its duty to register under this section if approval of the disclaimer has been granted by the Mayor or has been deemed approved.
(k-1) The ultimate controlling person of every insurer subject to registration shall also file an annual enterprise risk report. The report shall, to the best of the ultimate controlling person’s knowledge and belief, identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer. The report shall be filed with the lead state commissioner of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.
(l) The failure to file a registration statement or any summary of the registration statement or enterprise risk filing required by this section within the time specified for such a filing shall be a violation of this section.
This section is referenced in § 31-701, § 31-707, § 31-708, and § 31-710.
The 2015 amendment by D.C. Law 20-235 added (b)(4A), (b)(6), and (b)(7) and made related changes; rewrote (k); added (k-1); and substituted “statement or enterprise risk filing required” for “statement required” in (l).
Because of the codification of D.C. Law 11-159 as subchapter II of Chapter 37 of Title 35 [subchapter II of Chapter 7 of Title 31, 2001 Ed.], and the designation of the preexisting text as subchapter I, “subchapter” has been substituted for “chapter” in the introductory language of (a)(1) and in (f).

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