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District of Columbia Code Division V. Local Business Affairs § 31-4501. Filing requirements; approval by Commissioner of certain conditions.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A foreign or alien insurance company desiring to transact business in the District shall file with the Commissioner:

(1) Its application for certificate of authority, stating the kind or kinds of insurance it proposes to transact;

(2) A copy of its charter, articles of incorporation, or deed or settlement, certified by the official who is required to keep or record the same in the state under whose laws the company is incorporated, or if organized under the laws of a foreign government, province, or state, by the proper official of such government, province, or state;

(3) A copy of its bylaws, or regulations, if any, certified to by the secretary of the company;

(4) Copies of the policies it is issuing or proposes to issue and of the applications therefor;

(5) Proof of compliance with the service of process requirements of § 31-202; and

(6) A statement of its financial condition and business, in form as prescribed by law for annual statements, signed and sworn to by the president and secretary or other principal officers of the company. If an alien company, the statement shall comprise only its condition and business in the United States, and shall be signed and sworn to by its United States manager.

(b) It shall satisfy the Commissioner that the company is duly organized under the laws of the state, province, or government under whose laws it professes to be organized, and authorized to do the business it is transacting or proposes to transact, and that its name is not identical with, nor so similar to, that of another company organized prior to the organization of the applying company as to lead to confusion.

(c) It shall satisfy the Commissioner that its funds are invested in accordance with the laws of its domicile and in securities or property which afford a degree of financial security substantially equal to that required for similar domestic companies, and, if a stock company, that it has paid-up capital and surplus at least equal to the capital and surplus required of domestic stock companies, or, if a mutual company, that it has a surplus at least equal to that required by this subdivision for domestic mutual companies.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-4501. Filing requirements; approval by Commissioner of certain conditions. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-4501/

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