D.C. Mun. Regs. tit. 26, r. 26-A3713

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

Rule 26-A3713 - SUSPENSION OR REVOCATION OF CAPTIVE LICENSE

3713.1

The Commissioner may, subject to the provisions of this section, by order suspend or revoke the license of the company:

(a) if the company has not commenced business according to its plan of operation within two years of being licensed; or

(b) if the company ceases to carry on insurance business in or from within the District;

(c) at the request of the company; or

(d) for any reason provided in Section 16 of the Act.

3713.2

Before the Commissioner suspends or revokes the license of a company pursuant to section § 3713.1, the Commissioner shall give the company notice in writing of the grounds on which he proposes to suspend or revoke the license, and shall afford the company an opportunity for a hearing within the period of thirty days after receipt of notice.

D.C. Mun. Regs. tit. 26, r. 26-A3713

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.)).