Title 31 — Insurance and Securities.
94 chapters · 1,236 sections in this title.
D.C. Code § 31-3932.08 Trust arrangements
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(a) Assets of the SPFC that are pledged to secure obligations of the SPFC to a counterparty under an SPFC contract shall be held in trust that is administered by a qualified United States financial institution. The qualified United States financial institution shall not control, …
D.C. Code § 31-3932.09 Dividends and distributions
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(a) Dividends may be declared by the management of an SPFC if the dividends do not violate the provisions of this subchapter or jeopardize the fulfillment of the obligations of the SPFC or the trustee pursuant to the SPFC insurance securitization agreements, the SPFC contract, or…
D.C. Code § 31-3932.10 Confidentiality of examination reports; disclosure of information
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(a) Except as provided in this section, all examination reports, preliminary examination reports or results, working papers, recorded information, documents, and copies of documents produced by, obtained by, or disclosed to, the Commissioner or any other person in the course of a…
D.C. Code § 31-3932.11 Reinsurance
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An SPFC contract which complies with this subchapter shall be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an SPFC as an assuming insurer pursuant to § 31-502, for the bene…
D.C. Code § 31-3932.12 Liquidation and rehabilitation
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(a)(1) Notwithstanding the provisions of Chapter 13 of this title, the Commissioner may apply to the Superior Court of the District of Columbia for an order authorizing the Commissioner to conserve, rehabilitate, or liquidate an SPFC domiciled in the District on one or more of th…
D.C. Code § 31-3932.13 Discount on reserves; report on reserves
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(a) An SPFC may discount its reserves at discount rates as approved by the Commissioner. (b) An SPFC shall file annually an actuarial opinion on reserves provided by an approved independent actuary.
D.C. Code § 31-3932.14 Standards and criteria applicable in a contested case brought by a third party and certain actions by the Commissioner
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(a) A contested case brought by a third party based on a decision of the Commissioner pursuant to this subchapter shall be governed by applicable civil law; provided, that, the aggrieved party shall: (1) Prove the appeal through clear and convincing evidence; (2) Demonstrate irre…
D.C. Code § 31-3932.15 Rulemaking
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The Commissioner may promulgate rules necessary to effectuate the purposes of this subchapter. Rules promulgated pursuant to this section shall not affect an SPFC insurance securitization in effect at the time of the promulgation.
D.C. Code § 31-4001 Definitions
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For the purposes of this chapter, the term: (1) “Insurer” means any individual, partnership, corporation, company, organization, professional association, or other business entity that issues, amends, or renews motor vehicle liability or homeowner’s liability insurance policies o…
D.C. Code § 31-4002 General provisions
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(a) An insurer shall offer to any person who is a licensed caregiver pursuant to 29 DCMR 301, optional liability and comprehensive coverage for up to a total of 5 children and infants. The optional protection shall provide liability coverage for a child or infant who is injured w…
D.C. Code § 31-4003 Commissioner to establish liability coverage levels
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For purposes of this chapter, the Commissioner shall establish liability coverage levels in rulemaking pursuant to the provisions of subchapter I of Chapter 5 of Title 2.
D.C. Code § 31-4101 Definitions
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For the purposes of this chapter, the term: (1) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking, or the commissioner, director, or superintendent of insurance in any other state. (A) Any person who performs that work; or (B) Any perso…
D.C. Code § 31-4102 Risk retention groups chartered in the District
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(a)(1) A risk retention group shall be chartered as an association captive insurer licensed pursuant to § 31-3931.01, and licensed to write only liability insurance pursuant to this chapter, and shall comply with all of the laws, rules, and regulations, and requirements applicabl…
D.C. Code § 31-4103 Risk retention groups not chartered in the District
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Risk retention groups chartered and licensed in states other than the District seeking to do business as a risk retention group in the District shall comply with the laws of the District as follows: (1)(A) Before offering insurance in the District, a risk retention group shall su…
D.C. Code § 31-4104 Restrictions
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(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in the District, nor shall any risk retention group or its insureds or claimants against its insureds, receive any benefit…
D.C. Code § 31-4105 Countersignatures not required
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A policy of insurance issued to a risk retention group, or any member of that group, shall not be required to be countersigned as otherwise provided in the District of Columbia insurance law.
D.C. Code § 31-4106 Purchasing groups — Exemption from certain laws
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A purchasing group and its insurer or insurers shall be subject to all applicable laws of the District, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law that would: (1) Prohibit the…
D.C. Code § 31-4107 Notice and registration requirements of purchasing groups
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(a) A purchasing group which intends to do business in the District shall, prior to doing business, furnish notice to the Commissioner which shall: (1) Identify the state in which the group is domiciled; (2) Identify all other states in which the group intends to do business; (3)…
D.C. Code § 31-4108 Restrictions on insurance purchased by purchasing groups
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(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant…
D.C. Code § 31-4109 Purchasing group taxation
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Premium taxes and taxes on premiums paid for coverage of risks resident or located in the District by a purchasing group or any members of the purchasing groups shall be: (1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to pre…
D.C. Code § 31-4110 Administrative and procedural authority regarding risk retention groups and purchasing groups
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The Commissioner is authorized to make use of any of the powers established under the Insurance Code of the District of Columbia to enforce the laws of the District of Columbia not specifically preempted by the federal Liability Risk Retention Act of 1986 (15 U.S.C. § 3901 et seq…
D.C. Code § 31-4111 Duty of agents or brokers to obtain license
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(a) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in the District from a risk retention group unless the person, firm, association, or corporation is licensed as an insurance agent or broke…
D.C. Code § 31-4112 Binding effect of orders issued in United States District Court
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An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, upon finding that such a group is in hazardous fin…
D.C. Code § 31-4201 Short title; applicability of provisions
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This subdivision shall be known as the “Life Insurance Act.” All life insurance companies now or hereafter incorporated or formed by authority of any general or special law of this District or by other act of Congress, and all foreign and alien companies authorized to do business…
D.C. Code § 31-4202 Definitions
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In this subdivision, unless the context otherwise requires: (1) “District” means the District of Columbia. (2) “Mayor” means the Mayor of the District of Columbia. (3) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking of the District of…
D.C. Code § 31-4301 Department continued; personnel; performance of Commissioner’s duties; seal; Commissioner’s office and papers to be public; Commissioner’s annual reports; out-of-state visits
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(a) There shall be continued in the District a department charged with the execution of the laws relating to insurance, to be called the “Department of Insurance, Securities, and Banking.” At the head of such Department there shall be a Commissioner of the Department of Insurance…
D.C. Code § 31-4302 Collection of charges and fees
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(a) All charges and fees provided for in this section shall be collected by the Commissioner and made payable to the District of Columbia. (b) For filing charter or articles of incorporation or association, or deed of settlement or copy thereof, required by law, $300; for each co…
D.C. Code § 31-4303 Disposition of excess in fees, charges, or taxes
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Whenever it appears to the satisfaction of the Commissioner that, because of some error, mistake, or erroneous interpretation of a statute, a company has paid fees, charges, or taxes in excess of the amount legally chargeable against it, the Commissioner shall, on application of …
D.C. Code § 31-4304 Certificate of authority — Investigation of qualifications; effect; Issuance
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(a) The Commissioner shall issue a certificate of authority to a company when it shall have complied with the requirements of the laws of the District so as to be entitled to do business therein. The Commissioner may, however, satisfy himself by such investigation as he may consi…
D.C. Code § 31-4305 Certificate of authority — Revocation or suspension; grounds; hearing; alternative penalty
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(a) The Commissioner shall have power to revoke or suspend the certificate of authority to transact business in the District of any company which has failed or refused to comply with any provision or requirement of this subdivision, or which: (1) Is impaired in capital or surplus…
D.C. Code § 31-4306 Annual financial statement — Forms to be furnished by Superintendent
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Repealed Repealed.
D.C. Code § 31-4307 Annual financial statement — Companies required to file; failure to file; publication of summary
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Repealed Repealed.
D.C. Code § 31-4308 Companies or agents not to make or publish false statements
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Repealed Repealed.
D.C. Code § 31-4309 Representation of financial standing—All companies or agents
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Repealed Repealed.
D.C. Code § 31-4310 Representation of financial standing — Alien companies; violations
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(a) Every advertisement or public announcement and every sign, circular, or card issued by an alien company doing business in the District, representing its financial standing, shall exhibit as capital stock and assets only the capital stock and assets held by its United States b…
D.C. Code § 31-4311 Defamatory or injurious false statements against companies
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Repealed Repealed.
D.C. Code § 31-4312 Commissioner authorized to issue subpoenas; enforcement
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(a) In the examination of any company as provided for in this subdivision, the Commissioner shall have power to issue subpoenas in the name of the Chief Judge of the Superior Court of the District of Columbia to compel witnesses to appear and testify and/or to produce all books, …
D.C. Code § 31-4313 Enforcement of Commissioner’s orders or actions
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The Commissioner may, through the Corporation Counsel of the District, invoke the aid of any court of competent jurisdiction to enforce any order made or action taken by him in pursuance of law.
D.C. Code § 31-4314 False statements in application for policy
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The falsity of a statement in the application for any policy of insurance shall not bar the right to recovery thereunder unless such false statement was made with intent to deceive or unless it materially affected either the acceptance of the risk or the hazard assumed by the com…
D.C. Code § 31-4315 Deposit of securities by companies desiring to transact business — Amount; deposits outside District
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(a) Every company desiring to transact business in the District shall, as a prerequisite to the issuance of a certificate of authority, deposit, as herein provided, approved securities of not less than $100,000 market value. In the case of domestic companies, such deposit shall b…
D.C. Code § 31-4316 Deposit of securities by companies desiring to transact business — Type of securities allowed; officials responsible for safekeeping; collection of income; substitution; decline in value
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(a) When any company is required by this subdivision to make a deposit in the District, such deposit shall be in securities of the class authorized by this subdivision for investments of companies, and shall be delivered by the company to the Executive Secretary of the District a…
D.C. Code § 31-4317 Deposit of securities by companies desiring to transact business — Withdrawal upon discontinuance of business or reinsurance
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(a) When a company determines to discontinue its business or to cease to do business in the District and desires to withdraw its deposit made in the District pursuant to this subdivision the Commissioner shall, upon the application of the company, and at its expense, give notice …
D.C. Code § 31-4318 Examinations; reports; expenses
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Repealed Repealed.
D.C. Code § 31-4319 Superintendent authorized to take over companies; grounds; procedure; liquidation; special agents and employees; rules and regulations; reports and bonds
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Repealed Repealed.
D.C. Code § 31-4320 Companies deemed insolvent
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Repealed Repealed.
D.C. Code § 31-4321 Reinsurance by Superintendent
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Repealed Repealed.
D.C. Code § 31-4322 Valuation of securities
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Repealed Repealed.
D.C. Code § 31-4323 Service of process; appointment of Superintendent as attorney of companies; violations
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Repealed Repealed.
D.C. Code § 31-4324 Political contributions prohibited; immunity of witnesses in proceedings in regard to violations
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Repealed Repealed.
D.C. Code § 31-4325 General agents, agents, or solicitors; issuance, expiration and renewal of required license; exceptions; termination of employment; information provided Superintendent deemed privileged
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Repealed Repealed.