D.C. Mun. Regs. tit. 26, r. 26-A3707

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-A3707 - CAPITAL AND SURPLUS REQUIREMENTS

3707.1

A captive insurer using a letter of credit as evidence of capital permitted by Section 7(d) of the Act shall not enter into any agreement with the issuer of the letter of credit granting the issuer any of the following:

(a) a right of reimbursement;

(b) a right of set-off against any funds or other assets owned by the captive insurer;

(c) a lien or other interest in any assets owned by the captive insurer; or

(d) a right to draw down on the letter or credit, in whole or in part.

D.C. Mun. Regs. tit. 26, r. 26-A3707

Final Rulemaking published at 48 DCR 8034 (August 24, 2001); as amended by Final Rulemaking published at 59 DCR 13088 (November 16, 2012)

Authority: Section 22 of the Captive Insurance Company Act of 2004, effective March 17, 2005 (D.C. Law 15-262; D.C. Official Code § 31-3931.21 (2011 Repl.)).