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(a) Each policy purchased by the District under § 1-622.05 shall provide for an accounting by the company from which the insurance was purchased to the Mayor not later than 90 days after the end of each policy year. The accounting shall set forth, in form approved by the Mayor:
(1) The amounts of premiums actually accrued under the policy from its date of issue to the end of the policy year;
(2) The total of all mortality and other claim charges incurred for that period; and
(3) The amounts of the company's expenses and risk charges incurred for that period.
(b) Each contract entered into under § 1-622.05 shall require the company to:
(1) Furnish reasonable reports as the Mayor determines to be necessary to enable the District to carry out its functions under this subchapter; and
(2) Permit the Mayor to examine records of the company as may be necessary to carry out the purposes of this subchapter.
Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 1-622.12. Annual accounting; reports. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-1-622-12/
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