D.C. Mun. Regs. tit. 26, r. 26-A1303

Current through Register Vol. 71, No. 49, December 6, 2024
Rule 26-A1303 - MEMBERSHIP
1303.1

Every insurer licensed to write and engaged in writing in the District of Columbia, on a direct basis, Basic Property Insurance, as defined in the Plan of Operation, or components of such insurance in multi-peril policies, shall be a Member of the District of Columbia Property Insurance Facility.

1303.2

Each Member shall participate, subject to a maximum as hereinafter provided, in the writings, expenses, profits and losses of the Facility in the proportion that such Member's Premiums Written during the preceding calendar year, on property located in the District of Columbia, bear to the aggregate of such Premiums Written by all Members of the Facility.

1303.3

The maximum liability of a Member on any single risk shall not exceed one and one-half percent (1 1/2%) of the Member's surplus to policyholders. The remaining Members shall assume liability in excess of such maximum and they shall share ratably the premiums applicable thereto.

1303.4

The Facility may procure, through assessment of all its Members, subject to reasonable minimum assessments, funds necessary to defray expenses required to operate.

1303.5

A Member, which has withdrawn from the District, has had its license revoked or has been placed in liquidation, shall remain liable for all obligations through the entire fiscal year of the District of Columbia Property Insurance Facility in which such withdrawal, license revocation or liquidation occurs. When a Member has been merged or consolidated into another insurer, the Member, or its successor in interest, shall remain liable for all obligations hereunder and shall continue to participate in the Facility, based upon the Premiums Written by it and by the other insurers with which it has been merged or consolidated.

D.C. Mun. Regs. tit. 26, r. 26-A1303

Final Rulemaking published at 51 DCR 11573 (December 24, 2004)