(a) A non-U.S. insurer may use the District as a state of entry to transact insurance in the United States through a U.S. branch by:
(1) Qualifying as an insurer licensed to do business in the District; and
(2) Establishing a trust account, pursuant to a trust agreement approved by the Commissioner, with a U.S. bank approved by the Commissioner in an amount at least equal to the minimum capital and surplus required to be maintained by a domestic insurer licensed to do the same kind of insurance.
(b) Before authorizing the entry through the District of a U.S. branch of any non-U.S. insurer, the Commissioner shall require the non-U.S. insurer, in addition to the requirements of § 31-2204 and any other requirement of the insurance law, to submit:
(1) A copy of its charter and by-laws, if any, currently in force, and such other documents necessary to show the kinds of business which it is empowered to do in its domiciliary jurisdiction, attested to as accurate and complete by the insurance supervisory official in its home jurisdiction, and a full statement, subscribed and affirmed as true under the penalties of perjury by 2 officers or equivalent responsible representatives in such manner as the Commissioner shall prescribe, of its financial conditions as of the close of its latest fiscal year, showing its assets, liabilities, income disbursements, business transacted, and other facts required to be shown in its annual statement, as reported to the insurance supervisory official in its home jurisdiction, and an English language translation, as necessary, of any of the documents required herein; and
(2) To an examination of the insurer's affairs at its principal office within the United States. However, the Commissioner may instead accept a report of the insurance supervisory official of the insurer's home jurisdiction.
CREDIT(S)
(May 24, 1996, D.C. Law 11-128, §3, 43 DCR 1562; Mar. 24, 1998, D.C. Law 12-81, § 45(b), 45 DCR 745.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-4402.
Legislative History of Laws
For legislative history of D.C. Law 11-128, see Historical and Statutory Notes following § 31-2201.
For legislative history of D.C. Law 12-81, see Historical and Statutory Notes following § 31-2201.