Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-1801 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) “Controlling person” means any person, firm, association, or corporation who directly or indirectly has the power to direct, or caus…
D.C. Code § 31-1802 Licensure
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(a) No person, firm, association, or corporation shall act as a reinsurance broker in the District if the reinsurance broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation: (1) In the …
D.C. Code § 31-1803 Required contract provisions; reinsurance intermediary-brokers
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Transactions between a reinsurance broker and the insurer it represents shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that: (1) The insurer may terminate the reinsuranc…
D.C. Code § 31-1804 Books and records; reinsurance intermediary brokers
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(a) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance broker, the reinsurance broker will keep a complete record for each transaction showing: (1) The type of contract, limits, underwriting restrictions, classes, or risks and ter…
D.C. Code § 31-1805 Duties of insurers utilizing the services of a reinsurance intermediary-broker
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(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance broker on its behalf unless the person is licensed as required by § 31-1802(a). (b) An insurer may not employ an individual who is employed by a reinsurance broke…
D.C. Code § 31-1806 Required contract provisions; reinsurance intermediary-managers
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Transactions between a reinsurance manager and the reinsurer it represents shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer’s board of directors. At least 30 days before a reinsurer …
D.C. Code § 31-1807 Prohibited acts
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The reinsurance manager shall not: (1) Cede retrocessions on behalf of the reinsurer, except that the reinsurance manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelin…
D.C. Code § 31-1808 Duties of reinsurers utilizing the services of a reinsurance-intermediary-manager
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(a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance manager on its behalf unless the person is licensed as required by § 31-1802(b). (b) The reinsurer shall annually obtain a copy of statements of the financial co…
D.C. Code § 31-1809 Examination authority
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(a) A reinsurance intermediary shall be subject to examination by the Mayor. The Mayor shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the Mayor. (b) A reinsurance manager may be examined as if it were the reinsurer.
D.C. Code § 31-1810 Penalties and liabilities
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(a) If the Mayor determines that the reinsurer intermediary 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…