Authority of the Commissioner. Whenever it appears to the Commissioner from any annual or quarterly statement, trusteed surplus statement, or any other report that a U.S. Branch’s trusteed surplus is reduced below minimum capital and surplus required to be maintained by a domestic insurer licensed to transact the same kinds of insurance, the Commissioner may proceed against the insurer pursuant to the provisions of District law as an insurer whose condition is such that its further transaction of business in the United States will be hazardous to its policyholders, its creditors, or the public in the United States. (May 24, 1996, D.C. Law 11-128, § 8, 43 DCR 1562; Mar. 24, 1998, D.C. Law 12-81, § 45(f), 45 DCR 745.) Prior Codifications 1981 Ed., § 35-4407.
District of Columbia Legal Code