D.C. Mun. Regs. tit. 26, r. 26-A1609

Current through Register Vol. 71, No. 49, December 6, 2024
Rule 26-A1609 - ACQUISITION OF SECTION 4(b)(4) INSURERS; PRE-ACQUISITION NOTIFICATION
1609

Acquisition of Section 4(b)(4) Insurers

1609.1

If the person being acquired is deemed to be a "domestic insurer" solely because of the provisions of Section 4(b)(4) of the Act, the name of the domestic insurer on the cover page should be indicated as follows:

"ABC Insurance Company, a subsidiary of XYZ Holding Company".

1609.2

Where a Section 4(b)(4) insurer is being acquired, references to the "the insurer" contained in Form A shall refer to both the domestic subsidiary insurer and the person being acquired.

1609a

Pre-Acquisition Notification

1609a.1

If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to Section 4(b)(1) of the Act, that person shall file a pre-acquisition notification form, Form E, which was developed pursuant to Section 5(c)(2) of the Act.

1609a.2

If a non-domiciliary insurer licensed to do business in this state is proposing a merger or acquisition pursuant to section 5 of the Act, that person shall file a pre-acquisition notification form, Form E. No pre acquisition notification form need be filed if the acquisition is beyond the scope of Section 5 as set forth in Section 5(b)(2).

1609a.3

In addition to the information required by Form E, the Commissioner may wish to require an expert opinion as to the competitive impact of the proposed acquisition.

D.C. Mun. Regs. tit. 26, r. 26-A1609

Amended by Final Rulemaking published at 62 DCR 13004 (10/2/2015)