Source: https://code.dccouncil.us/dc/council/code/sections/31-4103.html
Timestamp: 2019-04-25 18:14:22+00:00

Document:
D.C. Law Library - § 31–4103. Risk retention groups not chartered in the District.
↪ § 31–4103. Risk retention groups not chartered in the District.
(ii) A copy of its plan of operations or feasibility study and revisions of the plan or study submitted to the state in which the risk retention group is chartered and licensed; provided, however, that the provision relating to the submission of a plan of operation or feasibility study shall not apply with respect to any line or classification of liability insurance which was defined in the federal Product Liability Risk Retention Act of 1981 (15 U.S.C. § 3901 et seq.), before October 27, 1986, and which was offered before the date by any risk retention group which had been chartered and operating for not less than 3 years before the date.
(B) The risk retention group shall submit a copy of any revision to its plan of operation or feasibility study required by § 31-4102(b) at the same time that the revision is submitted to the commissioner of its chartering state.
(C) The risk retention group shall submit a statement of registration, for which a filing fee shall be determined by the Mayor, proof of compliance with the service of process provisions of § 31-202.
(D) Any information required to verify its continuing qualification as a risk retention group under § 31-4101(12).
(3)(A) Each risk retention group shall be liable for the payment of premium taxes and taxes on premiums of direct business for risks resident or located within the District, and shall report to the Commissioner the net premiums written for risks resident or located within the District. Such a risk retention group shall be subject to taxation, and any related applicable fines and penalties, on the same basis as a foreign admitted insurer.
(B) To the extent licensed agents or brokers are utilized pursuant to § 31-4111, they shall report to the Commissioner the premiums for direct business for risks resident or located within the District which these licensees have placed with or on behalf of a risk retention group not chartered in the District of Columbia.
(vi) The amount of return premiums, if any.
(4) Any risk retention group, its agents, and representatives shall comply with District law governing fraud or deceptive practices. If the Mayor seeks an injunction regarding this conduct, the injunction shall be obtained from a court of competent jurisdiction.
(5) Any risk retention group shall comply with the laws governing the proper transaction of insurance business as provided by the District.
(6) Any risk retention group must submit to an examination by the Commissioner to determine its financial condition if the superintendent or Commissioner of the jurisdiction in which the group is chartered and licensed has not initiated an examination within 60 days after a request by the Commissioner of the District. Any examination shall be coordinated to avoid unjustified repetition and conducted in an expeditious manner and in accordance with the NAIC’s Examiner Handbook. Cost of the examination shall be borne by the risk retention group.
“This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.”.
(B) The solicitation or sale of insurance by, or operation of, a risk retention group that is in hazardous financial condition or financially impaired.
(9) After April 26, 1994, risk retention groups shall not be allowed to do business in the District if an insurance company is directly or indirectly a member or owner of the risk retention group, other than in the case of a risk retention group all of whose members are insurance companies.
(10) The terms of any insurance policy issued by risk retention groups shall not provide, or be construed to provide, coverage prohibited generally by a statute of the District or declared unlawful by the highest court of the District whose law applies to such a policy.
(11) A risk retention group not chartered in the District and doing business in the District shall comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by a state insurance commissioner if there has been a finding of financial impairment after an examination under paragraph (6) of this section.
(12) A risk retention group that violates any provision of this chapter will be subject to fines and penalties, including revocation of its right to do business in the District, applicable to licensed insurers generally.
(13) In addition to complying with the requirements of this section, any risk retention group operating in the District prior to enactment of this chapter shall, within 30 days after October 21, 1993, comply with paragraph (1) of this section.
This section is referenced in § 31-4102.
For temporary amendment of section, see § 3(d) through (f) of the Insurance Omnibus Emergency Amendment Act of 1995 (D.C. Act 11-48, May 15, 1995, 42 DCR 2544) and § 3(d) through (f) of the Insurance Omnibus Congressional Recess Emergency Amendment Act of 1995 (D.C. Act 11-97, July 19, 1995, 42 DCR 3844).
For temporary (225 day) amendment of section, see § 4(c) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626).
For temporary (225 day) amendment of section, see § 3(d)-(f) of Insurance Omnibus Temporary Amendment Act of 1995 (D.C. Law 11-36, September 8, 1995, law notification 42 DCR 5305).

References: § 31
 § 31
 § 3901
 § 31
 § 31
 § 31
 § 31
 § 31
 § 3
 § 3
 § 4
 § 3