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Current through October 23, 2012
(a) There is established within the General Fund of the District of Columbia a trust fund designated as the Insurance Regulatory Trust Fund, to which shall be credited all funds obtained pursuant to this chapter and Chapter 52A of this title without regard to fiscal year limitation. All monies and interest earned on monies deposited in the Insurance Regulatory Trust Fund shall be credited to the Fund and used solely for the purpose of this chapter and Chapter 52A of this title. Insurers and health maintenance organizations will be assessed separately. The funds obtained from assessments on insurance companies and health maintenance organizations will not be commingled within the Trust Fund, and separate accounts will be maintained within the Trust Fund in order to properly allocate assessment revenue and expenditures to insurers and health maintenance organizations.
(b) Subject to the applicable laws relating to the appropriation of District funds, monies received and deposited in the Insurance Regulatory Trust Fund or a division thereof, shall be used to defray the expenses of the Department of Insurance, Securities, and Banking in the discharge of its administrative and regulatory duties as prescribed by law. These monies shall be deemed to include all administrative costs for regulating insurers and health maintenance organizations doing business in the District of Columbia, and no other assessments shall be charged for such purpose after the effective date of this chapter. The Mayor shall be responsible for the deposit and expenditure of these monies as provided by law.
(b-1)(1) There is established a separate account within the Insurance Regulatory Trust Fund for the purpose of funding the expenses of the Department of Insurance, Securities, and Banking in the discharge of all of its administrative, regulatory, and marketing functions under Chapter 39A of this title. All fees, fines, penalties, assessments, and other funds received by the Commissioner under Chapter 39A of this title and regulations promulgated thereunder, shall be deposited in, and credited to, the account. The Mayor shall be responsible for the deposit and expenditure of these monies as provided by law. At the end of each fiscal year, any funds in the account shall revert to the General Fund of the District of Columbia.
(2) Captive insurance companies conducting business in the District under Chapter 39A of this title shall be exempt from the assessments imposed on insurers and health maintenance organizations under § 31-1203.
(b-2)(1) There is established a separate account within the Insurance Regulatory Trust Fund for the purpose of administering Chapter 1A of Title 44, and for the reasonable expenses incurred in promoting the continuing care retirement community industry in the District. Continuing care retirement community providers conducting business in the District under Chapter 1A of Title 44, shall be exempt from the assessments imposed on insurers and health maintenance organizations under § 31-1203. All fees, fines, penalties, and assessments received by the Commissioner under the administration of Chapter 1A of Title 44, shall be deposited in, and credited to, the Account.
(2) Subject to the applicable law relating to the appropriation of District funds, all funds in the Continuing Care Retirement Community Regulatory and Supervision Trust Fund Account shall be disbursed only upon the approval of the Commissioner.
(3) At the end of each fiscal year, any funds in the Continuing Care Retirement Community Regulatory and Supervision Fund Account shall be applied against the budget for the ensuing year.
(c)(1) The Mayor shall submit to the Council, as a part of the annual budget, a requested appropriation for expenditures from the Insurance Regulatory Trust Fund. Any monies received but not expended in a given fiscal year shall be retained by the Fund and applied against the budget for the ensuing year, and the assessments for that year reduced accordingly.
(2) The Mayor's request shall be based on an estimated projection of the expenditures necessary to perform the administrative and regulatory functions of the Insurance Administration. This estimate shall include, but not be limited to, expenditures for salaries, fringe benefits, overhead charges, travel, training, supplies, technical, professional, and any and all other services necessary to discharge the duties and responsibilities of administering the insurance laws of the District of Columbia.
(d) The Council of the District of Columbia shall approve and establish the budget of the Insurance Regulatory Trust Fund in the same manner and at the same level of detail as approved and established for departments and agencies under the administrative control of the Mayor as provided in § 1-204.04(f).
(Oct. 21, 1993, D.C. Law 10-40, § 3, 40 DCR 6009; Apr. 9, 1997, D.C. Law 11-235, §§ 24(b)-(d), 44 DCR 818; June 11, 2004, D.C. Law 15-166, § 4(h)(2), 51 DCR 2817; Mar. 17, 2005, D.C. Law 15-262, § 25, 52 DCR 1205; Apr. 5, 2005, D.C. Law 15-270, § 201(b), 52 DCR 799; Oct. 20, 2005, D.C. Law 16-33, § 2202, 52 DCR 7503; Apr. 7, 2006, D.C. Law 16-91, § 102(c), 52 DCR 10637; Mar. 2, 2007, D.C. Law 16-191, §§ 44(c), 52, 54(e), 53 DCR 6794.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-2702.
Effect of Amendments
D.C. Law 15-166, in subsec. (b), substituted "Department of Insurance, Securities, and Banking" for "Department of Insurance and Securities Regulation".
D.C. Law 15-262 added subsec. (b-1).
D.C. Law 15-270 added subsec. (b-2).
D.C. Law 16-33, in subsec. (a), substituted "this chapter and Chapter 52A of this title," for "this chapter".
D.C. Law 16-91, in subsec. (b-1)(1), deleted "Except as otherwise provided in § 31-3931.12(g)," preceding "All fees, fines".
D.C. Law 16-191, in subsecs. (b), (b-1), and (b-2), validated previously made technical corrections.
Temporary Amendments of Section
For temporary (225 day) amendment of section, see § 3 of Captive Insurance Company Enhancement Temporary Amendment Act of 2004 (D.C. Law 15-215, December 7, 2004, law notification 52 DCR 459).
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 4(h)(2) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).
For temporary (90 day) amendment of section, see § 3 of the Captive Insurance Company Enhancement Emergency Amendment Act of 2004 (D.C. Act 15-481, July 19, 2004, 51 DCR 7811).
For temporary (90 day) amendment of section, see § 3 of Captive Insurance Company Enhancement Congressional Review Emergency Amendment Act of 2004 (D.C. Act 15-549, October 26, 2004, 51 DCR 10336).
For temporary (90 day) amendment of section, see § 25 of Captive Insurance Company Emergency Act of 2004 (D.C. Act 15-640, November 30, 2004, 52 DCR 1238).
For temporary (90 day) amendment of section, see § 2202 of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).
Legislative History of Laws
For legislative history of D.C. Law 10-40, see Historical and Statutory Notes following § 31-1201.
For legislative history of D.C. Law 11-235, see Historical and Statutory Notes following § 31-1201.
For Law 15-166, see notes following § 31-1004.
Law 15-262, the "Captive Insurance Company Act of 2004", was introduced in Council and assigned Bill No. 15-834, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on October 5, 2004, and November 9, 2004, respectively. Signed by the Mayor on November 30, 2004, it was assigned Act No. 15-638 and transmitted to both Houses of Congress for its review. D.C. Law 15-262 became effective on March 17, 2005.
For Law 15-270, see notes following § 31-1201.
Law 16-33, the "Fiscal Year 2006 Budget Support Act of 2005", was introduced in Council and assigned Bill No. 16-200 which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on May 10, 2005, and June 21, 2005, respectively. Signed by the Mayor on July 26, 2005, it was assigned Act No. 16-166 and transmitted to both Houses of Congress for its review. D.C. Law 16-33 became effective on October 20, 2005.
For Law 16-91, see notes following § 31-3931.02.
For Law 16-191, see notes following § 31-1131.02.
Miscellaneous Notes
Short title of subtitle L of title II of Law 16-33: Section 2201 of D.C. Law 16-33 provided that subtitle L of title II of the act may be cited as This subtitle may be cited as the Insurance Regulatory Trust Fund Enhancement Act of 2005.
