D.C. Mun. Regs. tit. 26, r. 26-A4016

Current through Register Vol. 71, No. 50, December 13, 2024

Rule 26-A4016 - SUBSCRIBERS

4016.1

Subscribers are persons, including any association, aggregate of individuals, purchasing group, business company, corporation, individual, joint stock company, Lloyds type organization, cooperative, partnership, receiver, reciprocal, interinsurance exchange, trustee or society or government or governmental agencies, state or political subdivisions thereof, boards, associations, estates, trustees or fiduciaries that exchange reciprocal interinsurance contracts with each other. Any officer, representative, trustee, receiver or legal representative of any such subscriber shall be recognized as acting for or on its behalf for the purpose of such contract but shall not be personally liable upon such contract by reason of acting in such representative capacity. The right to exchange such contracts is incidental to the purposes for which corporations are organized. No subscriber shall be found to be in the business of insurance as a result of exchanging reciprocal interinsurance contracts.

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, 485 (January 18, 2008)

Authority: The Commissioner of the Department of Insurance, Securities, and Banking, 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 ).