For purposes of this chapter, the term:
(1) “Domestication” means the reorganization under this chapter of the United States branch of a Non-U.S. insurer whereby a domestic or foreign insurer acquires all the business and assets and assumes all the liabilities of the branch.
(2) “Domestic insurer” means a stock insurance company incorporated under the laws of the District of Columbia.
(3) “Foreign insurer” means a stock insurance company incorporated under the laws of any other state of the United States.
(4) “Non-U.S. insurer” means a stock insurance company organized under the laws of a foreign country.
(5) “United States branch” means the business unit through which business is transacted within the United States by a Non-U.S. insurer and the assets and liabilities of the insurer within the United States pertaining to such business.
CREDIT(S)
(Oct. 21, 2000, D.C. Law 13-194, § 2, 47 DCR 7427.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
D.C. Law 13-194, the “United States Branch Domestication Act of 2000,” was introduced in Council and assigned Bill No. 13-723, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on June 26, 2000, and July 11, 2000, respectively. Signed by the Mayor on August 4, 2000, it was assigned Act No. 13-422 and transmitted to both Houses of Congress for its review. D.C. Law 13-194 became effective on October 21, 2000.