Statutes, codes, and regulations
District Of Columbia Administrative Code
Title 26 - INSURANCE, SECURITIES AND BANKINGSubtitle 26-A - INSURANCE
Chapter 26-A40 - RECIPROCAL INSURANCE COMPANIES
Rule 26-A4010 - ATTORNEY'S BOND

D.C. Mun. Regs. tit. 26, r. 26-A4010

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Current through Register Vol. 71, No. 49, December 6, 2024
Rule 26-A4010 - ATTORNEY'S BOND
4010.1

Concurrently with the filing of the declaration provided for in section 4006 of this chapter, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of the reciprocal for the benefit of all persons damaged as a result of breach by the attorney of the conditions of the attorney's bond as set forth in subsection 4010.2 of this section. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the Commissioner's approval.

4010.2

The amount of the bond shall be $250,000, in aggregate form, and be conditioned so that the attorney will faithfully account for all moneys and other property of the insurer coming into the attorney's hands, and that such attorney will not withdraw, or appropriate for his/her own use, the funds of the insurer or any moneys or property to which he/she is not entitled under the power of attorney.

4010.3

The bond shall provide that it is not subject to cancellation unless 30 days advance notice in writing of cancellation is given to both the attorney and the Commissioner.

D.C. Mun. Regs. tit. 26, r. 26-A4010

Notice of Emergency and Proposed Rulemaking published at 54 DCR 12099 (December 14, 2007)[EXPIRED]; as amended by Notice of Final Rulemaking published at 55 DCR 479, 483 (January 18, 2008); as corrected by Errata Notice published at 58 DCR 2409 (March 18, 2011)
Authority: The Administrator of the Office of Documents and Administrative Issuances (ODAI), pursuant to the authority set forth in section 309 of the District of Columbia Administrative Procedure Act, approved October 21, 1968 (82 Stat. 1203; D.C. Official Code § 2-559) , and the Commissioner of the Department of Insurance, Securities and Banking (DISB), pursuant to the authority set forth in 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 ).