D.C. Mun. Regs. tit. 26, r. 26-A5604

Current through Register Vol. 71, No. 35, August 30, 2024

Rule 26-A5604 - ALLOCATION OF PREMIUM TAX CREDITS

5604.1

A Premium Tax Credit Allocation Request shall be made pursuant to a Premium Tax Credit Allocation Request Form delivered to the Commissioner.

5604.2

The Premium Tax Credit Allocation Request Form shall include the following two affidavits of each prospective certified investor:

(a) An affidavit of the certified investor attesting that it is legally bound and irrevocably committed to make an investment of certified capital in a certified capital company in the amount of allocated premium tax credits, even if the amount of allocated premium tax credits is less than the amount of the request, subject only to the receipt of an allocation pursuant to Section 5 of the Act; and

(b) An second affidavit of the certified investor attesting that it complies with its requirements under Sections 3(h) and 5(b) of the Act.

5604.3

The Commissioner shall accept Premium Tax Credit Allocation Requests filed pursuant to § 5604.1 on or before the premium tax credit allocation request filing date.

5604.4

Not later than six (6) business days after receiving notice from the Commissioner allocating premium tax credits to its certified investors, a certified capital company shall file a report with the Department that provides, for each certified investor that was allocated premium tax credits that failed to provide its required certified capital within five (5) business days after the certified capital company received notice from the Commissioner allocating premium tax credits to its certified investors, the name of the certified investor and the amount of certified capital the certified investor failed to invest in the certified capital company pursuant to its obligation as established by its affidavit filed pursuant to § 5604.2(a).

D.C. Mun. Regs. tit. 26, r. 26-A5604

Final Rulemaking published at 51 DCR 7555, 7559 (July 30, 2004)

Authority: Commissioner of the Department of Insurance, Securities and Banking, pursuant to the authority set forth in Section 10 of the Certified Capital Companies Act of 2003, effective March 10, 2004 (D.C. Law 15-87; D.C. Official Code § 31-5231 et seq.)