District Of Columbia § 31-1002 - Acquisition and disposition of assets.
Full text of District Of Columbia D.C. Code § 31-1002 — Acquisition and disposition of assets., with citation guidance and answers to common questions.
§ 31-1002. Acquisition and disposition of assets.
31-1002No acquisition or disposition of assets need be reported pursuant to 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.
Asset 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.
Asset 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.
The following information is required to be disclosed in any report of a material acquisition or disposition of assets:
Date of the transaction;
Manner of acquisition or disposition;
Description of the assets involved;
Nature and amount of the consideration given or received;
Purpose of, or reason for, the transaction;
Manner by which the amount of consideration was determined;
Gain or loss recognized or realized as a result of the transaction; and
Names of the persons from whom the assets were acquired or to whom they were disposed.
Insurers 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:
The 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
The net income of the business not subject to the pooling arrangement represents less than 5% of the insurer’s capital and surplus.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 31-1002
What does D.C. Code § 31-1002 cover?
Section 31-1002 ("Acquisition and disposition of assets.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 31-1002?
A common citation format is "D.C. Code § 31-1002" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 31-1002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.