(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 protected cell 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 [§§ 31-1371.01 through 31-1371.07, 31-1373.01 through 31-1373.12, and 31-1375.01].
Effect of Amendments
D.C. Law 19-103 added subsec. (c).
The 2015 amendment by D.C. Law 20-203 substituted “protected cell” for “segregated account” in (b).
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).