(a) A captive insurer shall file with the Commissioner a schedule of its proposed investments, and any material changes thereto, which the Commissioner may approve if he or she determines that the investments do not threaten the solvency or liquidity of the captive insurer. The Commissioner shall not unreasonably disapprove the investments.
(b) A captive insurer or segregated account may make a loan to its parent or affiliated company if the loan:
(1) Is first approved in writing by the Commissioner;
(2) Is evidenced by a note that is in a form that is approved by the Commissioner; and
(3) Does not include any money that has been set aside as capital or surplus as required by § 31-3931.06(a) or (f).
(c) Notwithstanding subsection (b) of this section, a risk retention group licensed as a captive insurer shall be subject to subchapters I, III, and V of Chapter 13A of this title.
CREDIT(S)
(Mar. 17, 2005, D.C. Law 15-262, § 8, 52 DCR 1205; Mar. 14, 2012, D.C. Law 19-103, § 2(c), 59 DCR 432.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 19-103 added subsec. (c).
Emergency Act Amendments
For temporary (90 day) addition of section, see § 8 of Captive Insurance Company Emergency Act of 2004 (D.C. Act 15-640, November 30, 2004, 52 DCR 1238).
Legislative History of Laws
For Law 15-262, see notes following § 31-3931.01.
For history of Law 19-103, see notes under § 31-3931.03.