Title 31, Insurance and Securities.

(a) The provisions of §§ 31-404, 31-405, and 31-406 shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal to or greater than 5% of the admitted assets of the controlled i…

A controlled insurer shall not accept business from a controlling producer and a controlling producer shall not place business with a controlled insurer unless there is a written contract between the controlling producer and the controlled insurer specifying the responsibilities …

Every controlled insurer shall have an audit committee of the board of directors composed of independent directors. The audit committee shall annually meet with management, the insurer’s independent certified public accountants, and an independent casualty actuary, or other indep…

(a) In addition to any other required loss reserve certification, the controlled insurer shall annually, on April 1 of each year, file with the Mayor an opinion of an independent casualty actuary, or any other independent loss reserve specialist acceptable to the Mayor reporting …

The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling prod…

(a)(1) If the Mayor believes that the controlling producer or any other person has not materially complied with this chapter, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the Commissioner may order the controlling producer to cease p…

(a)(1) Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of subsections (b), (c), (d), (e), (f), or (g) of this section; provided, that …

(a) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 31-501 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided, that the Commissioner ma…

(a) For purposes of [§ 31-502(b)], a qualified U.S. financial institution means an institution that: (1) Is organized, or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state thereof; (2) Is regulated…

(a) The Commissioner may adopt rules and regulations necessary to implement the provisions of this chapter. (b) The Commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements; provided, that regulations adopted pursuant to this subsec…

As used in this chapter, unless the context otherwise requires, “domestic stock insurance company” means a stock insurance company incorporated or organized under the laws of the District of Columbia.

(a) The Council of the District of Columbia shall promulgate rules and regulations with respect to the solicitation and voting of proxies, consents, and authorizations of domestic stock insurance companies in conformity, as nearly as may be practicable, with those prescribed by t…

(a) Every person who is directly or indirectly the beneficial owner of more than 10% of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the Commissioner on or before the 31st d…

Nothing in this chapter shall be construed so as to affect the authority vested in the Mayor of the District of Columbia by Reorganization Plan No. 5 of 1952 (66 Stat. 824). The performance of any function vested by this chapter in the Mayor or in any office or agency under the j…

For the purposes of this chapter, the term: (1) “Applicant” means an individual, or other person designated by the Commissioner by rule, applying for any of the following: (A) An initial license as a resident insurance producer pursuant to Chapter 11A of this title [§ 31-1131.01 …

(a) The Commissioner shall require state and national criminal history record background checks of each applicant for the purpose of determining eligibility for a license, registration, or charter. In order for the Commissioner to obtain and receive national criminal history reco…

(a) The Commissioner shall: (1) Treat and maintain applicants’ fingerprints and any criminal history record background information obtained under this chapter as confidential; (2) Apply security measures consistent with the Criminal Justice Information Services Division of the Fe…

The Commissioner, pursuant to Chapter 5 of Title 2 [§ 2-501 et seq.], may issue rules to implement the provisions of this chapter.

For the purposes of this chapter, the term: (1) “Delivered by electronic means” means delivery to an electronic mail address at which a party has consented to receive notices or documents or the posting on an electronic network or site accessible via the Internet, mobile applicat…

(a) An insurance document may be delivered, stored, and presented by electronic means; provided, that it meets the requirements of Chapter 49 of Title 28. (b) Delivery of an insurance document in accordance with this section shall be considered the equivalent to any delivery meth…

Notwithstanding any provision of § 31-651.02, standard property and casualty insurance policies and endorsements that do not contain personally identifiable information may be mailed, delivered, or posted on the insurer’s website. If the insurer elects to post insurance policies …

For the purposes of this subchapter, the term: (1) “Affiliate” means a person that directly, or indirectly through 1 or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. (1A) “Commissioner” means the Commissioner of Insuran…

(a) Any domestic insurer, either by itself or in cooperation with 1 or more persons, may organize or acquire 1 or more subsidiaries. The subsidiaries may conduct any kind of business and their authority to do so shall not be limited by reason of the fact that they are subsidiarie…

(a)(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, enter into any agreement to exchange securities, or seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer, if, after c…

(a) For the purposes of this section, the term: (1) “Acquisition” means any agreement, arrangement, or activity the consummation of which results in a person acquiring, directly or indirectly, the control of another person, and includes, but is not limited to, the acquisition of …

(a)(1) Every insurer which is authorized to do business in the District and which is a member of an insurance holding company system shall register with the Mayor, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the …

(a)(1) Transactions within a holding company system to which an insurer subject to registration is a party shall be subject to the following standards: (A) The terms shall be fair and reasonable; (A-i) Agreements for cost sharing services and management shall include such provisi…

(a)(1) The Commissioner shall be the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section; provided, that the Commissioner may acknowledge another regulatory official as the group-wide supervisor where the internat…

(a) Subject to the limitation contained in this section and in addition to the powers that the Mayor has under the insurance laws of the District relating to the examination of insurers, the Mayor shall have the power to examine any insurer registered under § 31-705 and the insur…

(a) With respect to any insurer registered under § 31-705, and in accordance with subsection (c) of this section, the Mayor shall have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international…

(a) Documents, materials, or other information in the possession or control of the Department of Insurance, Securities, and Banking that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made under § 31-707, and …

The Mayor shall, pursuant to subchapter I of Chapter 5 of Title 2 [§ 2-501 et seq.], issue rules to implement the provisions of this subchapter.

(a) Whenever it appears to the Mayor that any insurer or any director, officer, employee, or agent has committed, or is about to commit, a violation of this subchapter or of any rule, regulation, or order issued by the Mayor, the Mayor may apply to the Superior Court of the Distr…

(a)(1) Any insurer failing, without just cause, to file any registration statement as required in this subchapter shall be required, after notice and hearing, to pay an administrative penalty of $1,000 for each day’s delay, to be recovered by the Mayor and the penalty so recovere…

Whenever it appears to the Mayor that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shar…

(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer, (i) from any parent corporation or holding company or person or affiliate who otherwise control…

Whenever it appears to the Mayor that any person has committed a violation of this subchapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Mayor may, after giving notice and an opportunity to be heard, suspend, re…

(a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the Mayor pursuant to this subchapter may appeal to the District of Columbia Court of Appeals, in accordance with § 2-510. (b) The filing of an appeal pursuant to this section sh…

(a) A domestic mutual insurance company, upon approval of the Commissioner, may reorganize by directly or indirectly forming an insurance holding company based upon a mutual plan. The reorganized insurance company shall continue, without interruption, its corporate existence as a…

(a) A domestic mutual insurance company, upon the approval of the Commissioner, may reorganize by merging its policyholders’ membership interests into a mutual insurance holding company formed pursuant to this section and continuing the corporate existence of the reorganizing ins…

(a) A mutual insurance holding company resulting from a reorganization of a domestic mutual insurance company organized under Chapter 44 of this title shall be incorporated pursuant to Chapter 44 of this title. The articles of incorporation and any amendments to such articles of …

(a) A mutual insurance holding company is deemed to be an insurer subject to Chapter 13 of this title, and shall automatically be a party to any proceeding under Chapter 13 of this title involving an insurance company, which as a result of a reorganization pursuant to § 31-731 or…

(a) Section 19 of the Life Insurance Act is not applicable to a reorganization or merger pursuant to this section. (b) A membership interest in a domestic mutual insurance holding company shall not constitute a security as defined in § 31-603. (c) A mutual holding company created…

If the mutual company complies substantially and in good faith with the notice requirements of this subchapter, the mutual company’s failure to give any member or members any required notice does not impair the validity of any action taken under this subchapter.

Any action challenging the validity of or arising out of acts taken or proposed to be taken under this subchapter shall be commenced within 30 days after the date of the issuance of any order by the Commissioner pursuant to this subchapter. In any action challenging the validity …

(a) Subject to applicable requirements of this subchapter and subchapter I of this chapter, a mutual insurance holding company may: (1) Merge or consolidate with, or acquire the assets of, a mutual insurance holding company licensed pursuant to this subchapter or any similar enti…