(a) Prior to the offering and issuance of insurance policies, the Agency shall submit to the Commissioner for approval a plan of operation which meets the requirements of § 1-307.87. The Agency shall also submit to the Commissioner for approval any proposed material changes to the plan.
(b) On or before December 15 of each year, the Agency shall submit to the Commissioner, on a form prescribed by the Commissioner by rule, a report of its financial condition, as prepared by a certified public accountant. The Agency shall file a consolidated report on behalf of each of its segregated accounts. The Agency shall use generally accepted accounting principles and include any useful or necessary modifications or adaptations thereof that have been approved or accepted by the Commissioner for the type of insurance and kinds of insurers to be reported upon, as supplemented by additional information required by the Commissioner.
(c)(1) The Commissioner, or his designee, may visit the Agency at such times as he or she considers necessary to thoroughly inspect and examine the affairs of the Agency to ascertain:
(A) The financial condition of the Agency;
(B) The ability of the Agency to fulfill its obligations; and
(C) Whether the Agency has complied with the provisions of this part and the rules adopted pursuant thereto.
(2) The Commissioner may require the Agency to retain qualified independent legal, financial, and examination services from outside the Department of Insurance, Securities, and Banking to conduct the examination and make recommendations to the Commissioner. The cost of the examination shall be paid by the Agency.
This section is referenced in § 1-307.88.
Effect of Amendments
The 2013 amendment by D.C. Law 20-61 substituted “December 15” for “March 2” in (b).
For temporary (90 days) amendment of this section, see § 1032(e) of the Fiscal Year 2014 Budget Support Emergency Act of 2013 (D.C. Act 20-130, July 30, 2013, 60 DCR 11384, 20 DCSTAT 1827).
For temporary (90 days) amendment of this section, see § 1032(e) of the Fiscal Year 2014 Budget Support Congressional Review Emergency Act of 2013 (D.C. Act 20-204, October 17, 2013, 60 DCR 15341, 20 DCSTAT 2311).
Section 1031 of D.C. Law 20-61 provided that Subtitle D of Title I of the act may be cited as the “Captive Insurance Amendment Act of 2013”.