reglab/housing_qa huggingface dataset:
DC Code § 31-3931.22 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter I - General|§ 31-3931.22. Applicable laws

(a) Except as otherwise expressly provided in this chapter, only the following laws relating to insurance shall apply to risk retention groups licensed as captive insurers: (1) Chapter 4 of this title notwithstanding the definition of the term “licensed insurer” or “insurer” in § 31-401(7)(A); (2) Subchapter I of Chapter 7 of this title; (3) Chapter 15 of this title; and (4) Chapter 18 of this title. (b) Except for §§ 31-2002(a)(2) and 31-2003(f), Chapter 20 of this title shall, effective January 1, 2012, apply to risk retention groups licensed as captive insurers; provided, that the Commissioner may waive the requirement that a risk retention group licensed as a captive insurer file a Risk Based Capital Plan under Chapter 20 of this title if the insurer is in compliance with its approved plan of operation and any additional requirements imposed by the Commissioner by rule pursuant to § 31-3931.21.  (Mar. 17, 2005, D.C. Law 15-262, § 23, 52 DCR 1205; Mar. 14, 2012, D.C. Law 19-103, § 2(e), 59 DCR 432.)  Effect of Amendments D.C. Law 19-103 rewrote the section, which formerly read: “Except as provided in this chapter, no law relating to the insurance industry shall apply to captive insurers other than this chapter.” Emergency Legislation For temporary (90 day) addition of section, see § 23 of Captive Insurance Company Emergency Act of 2004 (D.C. Act 15-640, November 30, 2004, 52 DCR 1238).
DC Code § 31-3931.23 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter I - General|§ 31-3931.23. Repeal and transition provisions

(a) Chapter 39 of this title is repealed, subject to the provisions of this section. (b) All existing fees set forth in Chapter 39 of this title, shall remain in effect under the corresponding provisions of this chapter, and shall be applicable to protected cells, unless modified or repealed by rules promulgated by the Commissioner. (c) All effective certificates of authority and all conditions imposed on the certificates of authority shall apply to the extent they would have applied under prior law. (d) All captive insurers granted a certificate of authority as sponsored captive insurers under prior law shall comply with all of the provisions found in this chapter.  (Mar. 17, 2005, D.C. Law 15-262, § 24, 52 DCR 1205; Mar. 2, 2007, D.C. Law 16-191, § 54(d), 53 DCR 6794; Mar. 10, 2015, D.C. Law 20-203, § 2(m), 61 DCR 12572.)  Effect of Amendments The 2015 amendment by D.C. Law 20-203 substituted “protected cells” for “segregated accounts” in (b). Emergency Legislation For temporary (90 day) addition of section, see § 24 of Captive Insurance Company Emergency Act of 2004 (D.C. Act 15-640, November 30, 2004, 52 DCR 1238).
DC Code § 31-3932.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.01. Purpose

This subchapter provides for the creation of special purpose financial captive insurance companies for the exclusive purpose of facilitating the securitization of one or more risks as a means of accessing alternative sources of capital and achieving the benefits of securitization. Their creation is intended to achieve greater efficiencies in structuring and executing insurance securitizations, to diversify and broaden insurers’ access to sources of capital, to facilitate access for many insurers to insurance securitization and capital markets financing technology, and to further the economic development of the District of Columbia through its captive insurance program.  (Mar. 17, 2005, D.C. Law 15-262, § 201; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-3932.03 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.03. Application of subchapter I of this chapter

(a) Except as otherwise provided, §§ 31-3931.03, 31-3931.04, 31-3931.05, 31-3931.09, 31-3931.10, 31-3931.11, 31-3931.12, 31-3931.13, 31-3931.14, 31-3931.15, 31-3931.16, 31-3931.17, 31-3931.18, 31-3931.19, 31-3931.20, 31-3931.21, and 31-3931.09 through 31-3931.22 shall apply under this subchapter to SPFCs. (b) The Commissioner, by rule or order, may exempt an SPFC, on a case-by-case basis, from the provisions of this title that the Commissioner determines to be inappropriate given the nature of the risks to be insured.  (Mar. 17, 2005, D.C. Law 15-262, § 203; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944; Mar. 25, 2009, D.C. Law 17-353, § 165(a), 56 DCR 1117.)  Effect of Amendments D.C. Law 17-353 validated a previously made technical correction in subsec. (a).
DC Code § 31-3932.05 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.05. Capital and surplus

(a) In addition to any other capital required to be maintained pursuant to subsection (c) of this section, an SPFC authorized to do business in the District shall at all times maintain a minimum unimpaired capital of $100,000. (b) Except as otherwise provided by the Commissioner pursuant to subsection (c) of this section, the capital required to be maintained pursuant to this section shall be in the form of cash or an irrevocable letter of credit. (c) The Commissioner may require an SPFC, including each protected cell, to maintain additional unimpaired capital based on the type, volume, and nature of the insurance business that is transacted by the SPFC and may determine the amount of capital, if any, that may be in the form of an irrevocable letter of credit. (d) A letter of credit used by an SPFC or segregated account as evidence of capital required pursuant to this section shall: (1) Be issued by a bank chartered in the District or by a branch of a bank located in the District if such bank is a member of the United States Federal Reserve System, or its deposits are insured by the Federal Deposit Insurance Corporation; (2) Be issued on a form approved by the Commissioner; and (3) Include a provision pursuant to which the letter of credit is automatically renewed each year. (e) An SPFC shall not be issued a certificate of authority, and shall not hold a certificate of authority, unless the SPFC has and maintains, in addition to any other surplus required to be maintained pursuant to subsection (g) of this section, an unencumbered surplus of not less than $150,000. (f) Except as otherwise provided by the Commissioner pursuant to subsection (c) of this section, the surplus required to be maintained pursuant to this section shall be in the form of cash or an irrevocable letter of credit. (g) The Commissioner may prescribe additional requirements relating to surplus based on the type, volume, and nature of the insurance business that is transacted by an SPFC or protected cell and requirements regarding which surplus, if any, may be in the form of an irrevocable letter of credit. (h) A letter of credit used by an SPFC or segregated account as evidence of surplus required pursuant to this section shall meet the same requirements as a letter of credit issued for paid in capital found subsection (d) of this section.  (Mar. 17, 2005, D.C. Law 15-262, § 205; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-3932.06 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.06. Securities of SPFCs

(a) An SPFC may issue securities, including surplus notes and other forms of financial instruments, subject to and in accordance with applicable law, its approved strategic business plan, and its organizational documents. (b) An SPFC, in connection with the issuance of securities, may enter into and perform all of its obligations under any required contracts to facilitate the issuance of such securities. (c) Subject to the approval of the Commissioner, an SPFC may: (1) Account for the proceeds of surplus notes as surplus and not as debt for purposes of statutory accounting; (2) Submit for prior approval of the Commissioner periodic written requests for payments of interest on and repayments of principal of surplus notes. (d) Surplus notes issued by an SPFC constitute surplus or contribution notes of the type described in § 31-1340(7). (e) The Commissioner may approve formulas for an ongoing plan of interest payments or principal repayments, or both, to provide guidance in connection with his ongoing reviews of requests to approve the payments on and principal repayments of the surplus notes. (f) The obligation to repay principal or interest, or both, on the securities issued by the SPFC shall reflect the risk associated with the obligations of the SPFC to the counterparty under the SPFC contract.  (Mar. 17, 2005, D.C. Law 15-262, § 206; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-3932.09 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.09. Dividends and distributions

(a) Dividends may be declared by the management of an SPFC if the dividends do not violate the provisions of this subchapter or jeopardize the fulfillment of the obligations of the SPFC or the trustee pursuant to the SPFC insurance securitization agreements, the SPFC contract, or any related transaction documents and other provisions of this subchapter. (b) An SPFC shall not declare or pay dividends in any form other than in accordance with the insurance securitization transaction agreements and shall not declare or pay dividends which decrease the capital and surplus of the SPFC below $250,000. (c) An SPFC or protected cell of an SPFC shall not pay dividends out of, or make any other distribution out of, its capital or surplus, or both, unless the SPFC or protected cell has obtained the prior written approval of the Commissioner to make the payment or distribution. After giving effect to the dividends, the assets of the SPFC, including assets held in trust pursuant to the terms of the insurance securitization, shall be sufficient to satisfy the Commissioner that the SPFC can meet its obligations. (d) The Commissioner may approve an ongoing plan for the payment of dividends or other distributions by an SPFC or protected cell of an SPFC. Approval by the Commissioner of an ongoing plan for the payment of dividends or other distribution shall be conditioned upon the retention, at the time of each payment, of capital and surplus equal to or in excess of amounts specified by, or determined in accordance with formulas approved for the SPFC or protected cell by, the Commissioner.  (Mar. 17, 2005, D.C. Law 15-262, § 209; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-3932.10 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.10. Confidentiality of examination reports; disclosure of information

(a) Except as provided in this section, all examination reports, preliminary examination reports or results, working papers, recorded information, documents, and copies of documents produced by, obtained by, or disclosed to, the Commissioner or any other person in the course of an examination made pursuant to this section shall be confidential, shall not be subject to subpoena, and shall not be made public by the Commissioner or an employee or agent of the Commissioner without the written consent of the SPFC. This subsection shall not prevent the Commissioner from using this information in furtherance of the Commissioner’s regulatory authority as provided by this subchapter. The Commissioner may grant access to this information to public officers having jurisdiction over the regulation of insurance in another state or country, or to law enforcement officers of the District or another state or agency of the federal government at any time; provided, that the officers receiving the information agree in writing to hold it in a manner consistent with this section. (b) Information submitted pursuant to this subchapter shall be confidential and shall not be made public by the Commissioner or an agent or employee of the Commissioner without the prior written consent of the SPFC; provided, that: (1) Information submitted pursuant to the provisions of this subchapter shall be discoverable by a party in a civil action or contested case to which the submitting SPFC is a party upon a specific finding by the court that: (A) The SPFC is a necessary party to the action and not joined only for the purposes of evading the confidentiality provisions of this subchapter; (B) The party seeking the information demonstrates by a clear and convincing standard that the information sought is relevant, material to, and necessary for the prosecution or defense of the claim asserted in the action; and (C) The information sought is unavailable from other nonconfidential sources. (2) The Commissioner may disclose the information to the public official having jurisdiction over the regulation of insurance in another state if: (A) The public official agrees in writing to maintain the confidentiality of the information; and (B) The laws of the state in which the public official serves require the information to be confidential.  (Mar. 17, 2005, D.C. Law 15-262, § 210; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-3932.11 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.11. Reinsurance

An SPFC contract which complies with this subchapter shall be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an SPFC as an assuming insurer pursuant to § 31-502, for the benefit of the counterparty; provided, that: (1) Credit shall be granted only to the extent of the fair value of the assets held in trust for, or irrevocable letters of credit issued by a bank chartered by the District or a member bank of the Federal Reserve System or as approved by the Commissioner, for the benefit of the counterparty under the SPFC contract; (2) The assets are held in trust pursuant to this subchapter; (3) The assets are administered in the manner and pursuant to arrangements as provided in this subchapter; and (4) The assets are held or invested in one or more of the forms allowed by § 31-3932.07.  (Mar. 17, 2005, D.C. Law 15-262, § 211; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)  Section References This section is referenced in § 31-3932.07.
DC Code § 31-3932.13 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.13. Discount on reserves; report on reserves

(a) An SPFC may discount its reserves at discount rates as approved by the Commissioner. (b) An SPFC shall file annually an actuarial opinion on reserves provided by an approved independent actuary.  (Mar. 17, 2005, D.C. Law 15-262, § 213; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-3932.14 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.14. Standards and criteria applicable in a contested case brought by a third party and certain actions by the Commissioner

(a) A contested case brought by a third party based on a decision of the Commissioner pursuant to this subchapter shall be governed by applicable civil law; provided, that, the aggrieved party shall: (1) Prove the appeal through clear and convincing evidence; (2) Demonstrate irreparable harm; (3) Not have another adequate remedy at law; and (4) Post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders in an amount not less than 15% of the total amount of the securitized transaction. (b) If the Commissioner decides to reverse, amend, or modify a certificate of authority issued to an SPFC or the order issued in connection with them for a reason other than that specified in § 31-3931.15, the Commissioner shall meet the standards and criteria provided in subsection (a) of this section.  (Mar. 17, 2005, D.C. Law 15-262, § 214; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-3932.15 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 39A - Captive Insurance Companies (2004)|Subchapter II - Special Purpose Financial Captive Insurance Companies|§ 31-3932.15. Rulemaking

The Commissioner may promulgate rules necessary to effectuate the purposes of this subchapter. Rules promulgated pursuant to this section shall not affect an SPFC insurance securitization in effect at the time of the promulgation.  (Mar. 17, 2005, D.C. Law 15-262, § 215; as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
DC Code § 31-5601.02 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter I - Definitions and Rules of Construction|§ 31-5601.02. Purpose and coordination with federal law

(a) The purpose of this chapter is to protect investors and maintain public confidence in securities markets while avoiding unreasonable burdens on participants in capital markets. This chapter is remedial in nature and is to be broadly construed to effectuate its purposes. (b) This chapter and the rules and regulations promulgated hereunder shall be coordinated with the federal acts and statutes to which references are made in this chapter and the rules and regulations promulgated under those federal acts and statutes to the extent that coordination is consistent with both the purposes and the provisions of this chapter.  (Oct. 26, 2000, D.C. Law 13-203, § 102, 47 DCR 7837.)  Section References This section is referenced in § 31-5604.06.
DC Code § 31-5602.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.01. Licensing of broker-dealer and agent

(a) No person shall transact business in the District of Columbia (“District”) as a broker-dealer or agent unless the person is licensed or exempt from licensure under this chapter. (b) No broker-dealer or issuer shall employ an agent to represent the broker-dealer or issuer unless the agent is licensed or exempt from licensure under this chapter. The license of an agent shall not be effective during any period when the agent is not associated with a specified broker-dealer licensed under this chapter or with a specified issuer. (c) No agent shall at any time represent more than one broker-dealer or issuer without the written consent of each broker-dealer or issuer. If an agent begins or terminates an association with a broker-dealer or issuer, or begins or terminates those activities which make the person an agent, the agent and the broker-dealer or issuer shall promptly notify the Commissioner. (d) Unless sooner terminated under this chapter or renewed, the license of a broker-dealer or agent shall expire on December 31. (e) No broker-dealer licensed under this chapter shall transact business in the District unless it registers at least one agent with the Department.  (Oct. 26, 2000, D.C. Law 13-203, § 201, 47 DCR 7837.)  Section References This section is referenced in § 31-5605.01, § 31-5606.05, and § 31-5608.01.
DC Code § 31-5602.02 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.02. Licensing of investment adviser and investment adviser representative

(a) No person shall transact business in the District as an investment adviser or as an investment adviser representative unless the person is licensed, or exempt from licensure, under this chapter, or the person has no place of business in the District, and: (1) The person’s only clients in the District are other investment advisers, federal covered advisers, broker-dealers, investment companies as defined in the Investment Company Act of 1940, depository institutions, insurance companies, employee benefit plans with assets of not less than $1 million, governmental agencies or instrumentalities (whether acting for themselves or as trustees with investment control), or other institutional investors as are designated by rule or order of the Commissioner; or (2) During the preceding 12 months, the person has had no more than 5 clients who are residents of the District and are not the types of clients described in paragraph (1) of this subsection. (b) No person shall: (1) In the case of a licensed investment adviser, employ an investment adviser representative unless the investment adviser representative is licensed under this chapter; provided, that the license of an investment adviser representative shall not be effective during any period when the investment adviser representative is not employed by a licensed investment adviser; or (2) In the case of a federal covered adviser, employ, supervise, or associate with an investment adviser representative having a place of business located in the District unless the investment adviser representative is licensed under this chapter or is exempt from licensure. (c) When an investment adviser representative begins or terminates employment with a licensed investment adviser or federal covered adviser, the investment adviser or the investment adviser representative shall promptly notify the Commissioner. (d) Except for advisers whose only clients are those described in subsection (a) of this section, a federal covered adviser shall not conduct advisory business in the District unless the federal covered adviser complies with § 31-5602.03(e). (e) Unless sooner terminated under this chapter or renewed, the license of an investment adviser and investment adviser representative, and the notice filing of each federal covered adviser, shall expire on December 31. (f) No investment adviser representative may be registered with more than one investment adviser unless the investment advisers which employ or associate with the investment adviser representative are under common ownership or control.  (Oct. 26, 2000, D.C. Law 13-203, § 202, 47 DCR 7837.)  Section References This section is referenced in § 31-5601.01, § 31-5602.03, § 31-5604.02, § 31-5605.01, and § 31-5606.05.