{"data":{"id":"us-dc/d.c.-code-31-1002","jurisdiction":"us-dc","citation":"D.C. Code § 31-1002","heading":"Acquisition and disposition of assets.","body":"(a)\nNo acquisition or disposition of assets need be reported pursuant to § 31-1001 if the acquisitions or dispositions are not material. For purposes of this chapter, a material acquisition (or the aggregate of any series of related acquisitions during any 30-day period) or disposition (or the aggregate of any series of related dispositions during any 30-day period) is one that is nonrecurring and not in the ordinary course of business and involves more than 5% of the reporting insurer’s total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer’s state of domicile.\n\n(b)\n(1)\nAsset acquisitions subject to this chapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.\n(2)\nAsset dispositions subject to this chapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment (whether for the benefit of creditors or otherwise), abandonment, destruction, or other disposition.\n\n(c)\nThe following information is required to be disclosed in any report of a material acquisition or disposition of assets:\n(1)\nDate of the transaction;\n(2)\nManner of acquisition or disposition;\n(3)\nDescription of the assets involved;\n(4)\nNature and amount of the consideration given or received;\n(5)\nPurpose of, or reason for, the transaction;\n(6)\nManner by which the amount of consideration was determined;\n(7)\nGain or loss recognized or realized as a result of the transaction; and\n(8)\nNames of the persons from whom the assets were acquired or to whom they were disposed.\n\n(d)\nInsurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or 100% reinsurance agreement that affects the solvency and integrity of the insurer’s reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if:\n(1)\nThe insurer has less than $1,000,000 total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement; and\n(2)\nThe net income of the business not subject to the pooling arrangement represents less than 5% of the insurer’s capital and surplus.","path":["Title 31. Insurance and Securities.","Chapter 10. Insurance Industry Material Transactions Disclosures."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/31-1002","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"7314a1c00e80453300d9b3ae132d52fc52d3bd41cb9b1c631c4d5137c4a02de1","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-31-1001","next":"us-dc/d.c.-code-31-1003"},"notice":"GroundRules: Original legal text. Not legal advice."}