Conversion to foreign insurer.
Any domestic insurer may, upon the approval of the Commissioner, transfer its domicile to any state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer and shall be admitted to the District, if qualified, as a foreign insurer. The Commissioner shall approve any proposed transfer unless he or she determines such a transfer is not in the best interest of the policyholders of the District.
Annotations
May 24, 1996, D.C. Law 11-127, § 4, 43 DCR 1559 Mar. 24, 1998, D.C. Law 12-81, § 44(b), 45 DCR 745 Apr. 13, 2005, D.C. Law 15-354, § 46(b), 52 DCR 2638 D.C. Law 15-354 deleted “of Insurance and Securities” following “approval of the Commissioner”. 1981 Ed., § 35-4303.
Sourced from the DC Council Open Law Library (public domain).
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