Source: https://code.dccouncil.us/dc/council/code/sections/31-2204.html
Timestamp: 2019-04-18 13:01:17+00:00

Document:
D.C. Law Library - § 31–2204. Requirements for trust agreement.
↪ § 31–2204. Requirements for trust agreement.
§ 31–2205. Reporting requirements for U.S. Branches of non-U.S. insurers.
(3) The deed of trust is adequate to protect the interest of the beneficiaries of the trust.
(b) If at any time the Commissioner finds, after reasonable notice and hearing, that the requisites for the approval no longer exist, the Commissioner may withdraw approval.
(c) The Commissioner may from time to time approve modifications of, or variations in any deed of trust, which in the Commissioner’s judgment are not prejudicial to the interest of the people of the District or the United States policyholders and creditors of the U.S. Branch.
(C) Transfer such assets to an official liquidator or rehabilitator pursuant to an order of a court of competent jurisdiction.
(e) The deed of trust may provide that income, earnings, dividends, or interest accumulations of the assets of the fund may be paid over to the United States manager of the U.S. branch upon request, provided that the total trusteed assets shall not thereby be less than the amount required to be maintained pursuant to § 31-2203.
(f) Upon withdrawal of trusteed assets deposited in another state in which the insurer is authorized to do business, it shall be sufficient if the deed of trust requires similar written approval of the insurance supervising official of that state in lieu of approval of the Commissioner provided that the total trusteed assets shall not thereby be less than the amount required to be maintained pursuant to § 31-2203. In all such cases, the U.S. Branch shall notify the Commissioner in writing of the nature and extent of the withdrawal.
(2) Require the trustee or trustees to file a statement, in such form as the Commissioner may prescribe, certifying the assets of the trust fund and the amounts thereof.
(h) Refusal or neglect of any trustee to comply with the requirements of this section shall be grounds for the revocation of the insurer’s license or the liquidation of its United States Branch.
This section is referenced in § 31-2202, § 31-2205, and § 31-2306.

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