D.C. Code § 31-2502.12

Current through codified legislation effective September 18, 2024
Section 31-2502.12 - Limitations on exposure to risks or hazards

No company other than a mutual or reciprocal company doing business in the District shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of the sum of its capital stock and surplus. No mutual or reciprocal company shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of its surplus. No portion of any such risk or hazard which shall have been reinsured in a company authorized to do business in the District shall be included in determining limitation of risk; provided, that the provisions of this section shall not apply to the insurance of workmen's compensation, employers' liability, marine, or inland marine risks.

D.C. Code § 31-2502.12

Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch. II, § 12; Apr. 26, 1994, D.C. Law 10-103, § 3, 41 DCR 1005; Mar. 8, 2007, D.C. Law 16-232, § 202(b), 54 DCR 368.

Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.

Capital and surplus requirements for foreign and alien companies, see § 31-2502.22. Limitation of risk for companies operating on Lloyd's plan, see § 31-2502.20 a. .