3712.1 Each captive insurer licensed in the District shall adopt a code of ethics. Each officer, director and key employee of the captive insurer shall be subject to the code of ethics, which shall include, at a minimum, the following requirements:

1. (a) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
2. (b) Full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the insurer with the Department;
3. (c) Compliance with all applicable District laws, regulations and orders of the Commissioner;
4. (d) The prompt internal reporting of violations to an appropriate person or persons identified in the code of ethics; and
5. (e) Accountability for adherence to the code of ethics.

3712.2 Each director, officer and key employee shall certify in writing annually that he or she is in compliance with the captive insurer's code of ethics. A record of such certification shall be maintained by the captive insurer and made available to the Department upon request.

SOURCE: Final Rulemaking published at 48 DCR 8034 (August 24, 2001); as amended by Final Rulemaking published at 60 DCR 13175 (September 20, 2013).