Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-1501 Definitions
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For the purposes of this chapter, the term: (1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. (2) “District” means the District of Columbia. (3) “Insurer” means any person, firm, association, or corporation duly licensed in the Di…
D.C. Code § 31-1502 Licensure
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(a) No person, firm, association, or corporation shall act in the capacity of a managing general agent with respect to risks located in the District for an insurer licensed in the District, unless the person is a licensed broker in the District. (b) No person, firm, association, …
D.C. Code § 31-1503 Required contract provisions
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No person, firm, association, or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party, and where both parties share r…
D.C. Code § 31-1504 Duties of insurers
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(a) The insurer shall have on file an independent financial examination, in a form acceptable to the Mayor, of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of …
D.C. Code § 31-1505 Examination authority
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The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.
D.C. Code § 31-1506 Penalties and liabilities
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(a) If the Mayor determines that the managing general agent or any other person has not materially complied with this chapter, or any regulation or order promulgated thereunder, after notice and opportunity to be heard, the Mayor may order: (1) For each separate violation, a pena…