Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-1371.01 Application
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This chapter shall apply only to investments and investment practices of domestic insurers and United States branches of non-U.S. insurers that are authorized to use the District of Columbia as a state of entry to transact insurance through its United States branch under § 31-220…
D.C. Code § 31-1371.02 Definitions
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For the purposes of this chapter, the term: (1) “Acceptable collateral” means: (A) As to securities lending transactions, and for the purpose of calculating the counterparty exposure amount, cash, cash equivalents, letters of credit, direct obligations of, or securities that are …
D.C. Code § 31-1371.03 General investment qualifications
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(a) Domestic insurers may acquire, hold, or invest in investments or engage in investment practices as set forth in this chapter. In addition to investments conforming to this act, domestic insurers may also invest in securities of one or more subsidiaries of the insurer to the e…
D.C. Code § 31-1371.04 Authorization of investments by the board of directors
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(a) An insurer’s board of directors shall adopt a written plan for acquiring and holding investments and for engaging in investment practices that specifies guidelines as to the quality, maturity, and diversification of investments and other specifications, including investment s…
D.C. Code § 31-1371.05 Prohibited investments
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(a) An insurer shall not, directly or indirectly: (1) Invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer, except as provided in § 31-1371.06; (2) Invest in an obligation or security, make a guarantee for…
D.C. Code § 31-1371.06 Loans to officers and directors
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(a) Except as provided in subsection (b) of this section, an insurer shall not, without the prior written approval of the Commissioner, directly or indirectly: (1) Make a loan to or other investment in an officer or director of the insurer or a person in which the officer or dire…
D.C. Code § 31-1371.07 Valuation of investments
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For the purposes of this chapter, the value or amount of an investment acquired or held, or any investment practice engaged in, under this chapter, unless otherwise specified in this code, shall be the value at which assets of an insurer are required to be reported for statutory …
D.C. Code § 31-1372.01 Application of subchapter
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This subchapter shall apply to the investments and investment practices of life insurers subject to the provisions of this chapter pursuant to § 31-1371.01.
D.C. Code § 31-1372.02 General 3% diversification, medium and lower grade investments, and Canadian investments
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(a)(1) Except as otherwise specified in this chapter, an insurer shall not acquire, directly or indirectly through an investment subsidiary, an investment under this chapter if, as a result of and other giving effect to the investment, the insurer would hold more than 3% of its a…
D.C. Code § 31-1372.03 Rated credit instruments
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(a) Subject to the limitations of § 31-1372.02(b) and subsection (f) of this section, but not to the limitations of § 31-1372.02(a), an insurer may acquire rated credit instruments issued, assumed, guaranteed, or insured by: (1) The United States; or (2) A government-sponsored en…
D.C. Code § 31-1372.04 Insurer investment pools
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(a) An insurer may acquire investments in investment pools that invest only in: (1) Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or 2 rating (or, in the absence of a 1 or 2 rating or equivalent rating, the issuer has outstanding obligations with …
D.C. Code § 31-1372.05 Equity interests
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(a) Subject to the limitations of § 31-1372.02, an insurer may acquire equity interests in business entities organized under the laws of any domestic jurisdiction. (b) An insurer shall not acquire an investment under this section if, as a result of and after giving effect to the …
D.C. Code § 31-1372.06 Tangible personal property under lease
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(a)(1) Subject to the limitations of § 31-1372.02, an insurer may acquire tangible personal property or equity interests therein, which property or interests are located or used wholly or in part within a domestic jurisdiction, directly or indirectly through: (A) Limited partners…
D.C. Code § 31-1372.07 Mortgage loans and real estate
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(a)(1) Subject to the limitations of § 31-1372.02, an insurer may acquire, directly or indirectly, through limited partnership interests and general partnership interests not otherwise prohibited by by § 31-1371.05, joint ventures, stock of an investment subsidiary, membership in…
D.C. Code § 31-1372.08 Securities lending, repurchase, reverse repurchase, and dollar roll transactions
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(a) An insurer may enter into securities lending, repurchase, reverse repurchase, and dollar roll transactions with business entities, subject to the requirements of this section. (b) The insurer’s board of directors shall adopt a written plan that is consistent with the requirem…
D.C. Code § 31-1372.09 Foreign investments and foreign currency exposure
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(a) Subject to the limitations of § 31-1372.02, an insurer may acquire foreign investments, or engage in investment practices with persons of or in foreign jurisdictions, of substantially the same types as those that an insurer is permitted to acquire under this chapter, other th…
D.C. Code § 31-1372.10 Derivative transactions
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(a) An insurer may, directly or indirectly through an investment subsidiary, engage in derivative transactions under this section, subject to the requirements of this section. (b)(1) An insurer may use derivative instruments under this section to engage in hedging transactions an…
D.C. Code § 31-1372.11 Policy loans
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A life insurer may lend to a policyholder on the security of the cash surrender value of the policyholder’s policy a sum not exceeding the legal reserve that the insurer is required to maintain on the policy.
D.C. Code § 31-1372.12 Additional investment authority
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(a) Solely for the purpose of acquiring investments that exceed the quantitative limitations of §§ 31-1372.02 through 31-1372.09, an insurer may acquire under this subsection an investment, or engage in investment practices, described in § 31-1372.08; provided, that an insurer sh…
D.C. Code § 31-1373.01 Application of subchapter
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This subchapter shall apply to the investment and investment practices of domestic fire, casualty, and marine insurers.
D.C. Code § 31-1373.02 Reserve requirements
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(a)(1) Subject to all other limitations and requirements of this chapter, a fire, casualty, and marine insurer shall maintain an amount at least equal to 100% of adjusted loss reserves and loss adjustment expense reserves, 100% of adjusted unearned premium reserves, and 100% of s…
D.C. Code § 31-1373.03 General 5% diversification, medium and lower grade investments, and Canadian investments
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(a)(1) Except as otherwise specified in this chapter, an insurer shall not acquire, directly or indirectly through an investment subsidiary, an investment under this chapter if, as a result of and after giving effect to the investment, the insurer would hold more than 5% of its a…
D.C. Code § 31-1373.04 Rated credit instruments
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(a) Subject to the limitations of § 31-1373.03(b) and subsection (f) of this section, but not to the limitations of § 31-1373.03(a), an insurer may acquire rated credit instruments issued, assumed, guaranteed, or insured by: (1) The United States; or (2) A government-sponsored en…
D.C. Code § 31-1373.05 Insurer investment pools
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(a) An insurer may acquire investments in investment pools that invest only in: (1) Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or 2 rating (or, in the absence of a 1 or 2 rating or equivalent rating, the issuer has outstanding obligations with …
D.C. Code § 31-1373.06 Equity interests
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(a) Subject to the limitations of § 31-1373.03, an insurer may acquire equity interests in business entities organized under the laws of any domestic jurisdiction. (b) An insurer shall not acquire an investment under this section if, as a result of and after giving effect to the …
D.C. Code § 31-1373.07 Tangible personal property under lease
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(a)(1) Subject to the limitations of § 31-1373.03, an insurer may acquire tangible personal property or equity interests therein, which property or interests are located or used wholly or in part within a domestic jurisdiction, directly or indirectly, through: (A) Limited partner…
D.C. Code § 31-1373.08 Mortgage loans and real estate
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(a)(1) Subject to the limitations of § 31-1373.03, an insurer may acquire, directly or indirectly, through limited partnership interests and general partnership interests not otherwise prohibited by § 31-1371.05, joint ventures, stock of an investment subsidiary, membership inter…
D.C. Code § 31-1373.09 Securities lending, repurchase, reverse repurchase and dollar roll transactions
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(a) An insurer may enter into securities lending, repurchase, reverse repurchase, and dollar roll transactions with business entities, subject to the requirements of this section. (b) The insurer’s board of directors shall adopt a written plan that is consistent with the requirem…
D.C. Code § 31-1373.10 Foreign investments and foreign currency exposure
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(a) Subject to the limitations of § 31-1373.03, an insurer may acquire foreign investments, or engage in investment practices with persons of or in foreign jurisdictions, of substantially the same types as those that an insurer is permitted to acquire under this chapter, other th…
D.C. Code § 31-1373.11 Derivative transactions
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(a) An insurer may, directly or indirectly through an investment subsidiary, engage in derivative transactions under this section, subject to the requirements of this section. (b)(1) An insurer may use derivative instruments under this section to engage in hedging transactions an…
D.C. Code § 31-1373.12 Additional investment authority
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(a) An insurer may acquire under this section investments, or engage in investment practices, of any kind that are not specifically prohibited by this chapter or engage in investment practices without regard to any limitation in §§ 31-1373.03 through 31-1373.10; provided, that an…
D.C. Code § 31-1374.01 [Reserved]
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[Repealed or reserved.]
D.C. Code § 31-1375.01 Regulations
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The Commissioner may, in accordance with § 2-505, promulgate rules and regulations to carry out the purposes of this chapter.