{"data":{"id":"us-dc/d.c.-code-31-1003","jurisdiction":"us-dc","citation":"D.C. Code § 31-1003","heading":"Nonrenewals, cancellations, or revisions of ceded reinsurance agreements.","body":"(a)\nNo nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported pursuant to § 31-1001 if the nonrenewals, cancellations, or revisions are not material.\n\n(b)\nFor purposes of this chapter, a material nonrenewal, cancellation, or revision is one that affects:\n(1)\nAs respects property and casualty business, including accident and health business written by a property and casualty insurer:\n(A)\nMore than 50% of the insurer’s total ceded written premium; or\n(B)\nMore than 50% of the insurer’s total ceded indemnity and loss adjustment reserves.\n(2)\nAs respects life, annuity, and accident and health business, more than 50% of the total reserve credit taken for business ceded, on an annualized basis, as indicated in the insurer’s most recent annual statement.\n\n(c)\nAs respects either property and casualty or life, annuity, and accident and health business, either of the following events shall constitute a material revision which must be reported:\n(1)\nAn authorized reinsurer representing more than 10% of a total cession is replaced by one or more unauthorized reinsurers; or\n(2)\nPreviously established collateral requirements that have been reduced or waived as respects one or more unauthorized reinsurers representing collectively more than 10% of a total cession.\n\n(d)\nNo filing shall be required if:\n(1)\nAs respects property and casualty business, including accident and health business written by a property and casualty insurer, the insurer’s total ceded written premium represents, on an annualized basis, less than 10% of its total written premium for direct and assumed business; or\n(2)\nAs respects life, annuity, and accident and health business, the total reserve credit taken for business ceded represents, on an annualized basis, less than 10% of the statutory reserve requirement prior to any cession.\n\n(e)\nThe following information is required to be disclosed in any report of a material nonrenewal, cancellation, or revision of ceded reinsurance agreements:\n(1)\nEffective date of the nonrenewal, cancellation, or revision;\n(2)\nThe description of the transaction with an identification of the initiator thereof;\n(3)\nPurpose of, or reason for, the transaction; and\n(4)\nif applicable, the identity of the replacement reinsurers.\n\n(f)\nInsurers are required to report all material nonrenewals, cancellations, or revisions of ceded reinsurance agreements 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 the insurer has less than $1,000,000 total direct plus assumed written premiums during a calendar year that $1,000,000 total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the 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/31-1003","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"f617c17029443903c4469428dbfeaf2e50732627c3734fef9e91d703321e1781","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-31-1002","next":"us-dc/d.c.-code-31-1004"},"notice":"GroundRules: Original legal text. Not legal advice."}