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Current through October 23, 2012
For the purposes of this chapter, the term:
(1) "Accredited state" means a jurisdiction in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners ("NAIC").
(2) "Captive insurers" means insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members and their affiliates.
(2A) "Commissioner" means the Commissioner of Insurance and Securities.
(3) "Control" or "controlled" has the meaning ascribed in § 31-701(2).
(4) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer.
(5) "Controlling producer" means a producer who, directly or indirectly, controls an insurer.
(6) "Holding company system" has the meaning ascribed in § 31-701(4).
(7) "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property/casualty insurance business in the District of Columbia. The following, inter alia, are not licensed insurers for the purposes of this chapter:
(A) All risk retention groups as defined in the Superfund Amendments and Reauthorization Act of 1986 (42 U.S.C. § 9601 et seq.), the Product Liability Risk Retention Act of 1981 (15 U.S.C. § 3901 et seq.), and § 31-4101;
(B) All residual market pools and joint underwriting authorities or associations; and
(C) All captive insurers.
(8) "Producer" means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such a person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.
(9) Repealed.
(Oct. 21, 1993, D.C. Law 10-52, § 2, 40 DCR 6129; May 21, 1997, D.C. Law 11-268, § 10(hh), 44 DCR 1730.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-4001.
Legislative History of Laws
D.C. Law 10-52, the "Business transacted with Producer Controlled Insurer Act of 1993," was introduced in Council and assigned Bill No. 10-135, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on June 29, 1993, and July 13, 1993, respectively. Signed by the Mayor on August 4, 1993, it was assigned Act No. 10-97 and transmitted to both Houses of Congress for its review. D.C. Law 10- 52 became effective on October 21, 1993.
Law 11-268, the "Department of Insurance and Securities Regulation Establishment Act of 1996," was introduced in Council and assigned Bill No. 11- 415, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on November 7, 1996, and December 3, 1996, respectively. Signed by the Mayor on December 30, 1996, it was assigned Act No. 11-524 and transmitted to both Houses of Congress for its review. D.C. Law 11-268 became effective on May 21, 1997.
Delegation of Authority
Delegation of authority pursuant to D.C. Law 10-52, the Business Transacted with Producer Controlled Insurance Act of 1993, see Mayor's Order 94-54, March 7, 1994 (41 DCR 1433).
Miscellaneous Notes
Mayor authorized to issue rules: Section 10 of D.C. Law 10-52 provided that the Mayor shall, pursuant to subchapter I of Chapter 15 of Title 1 [subchapter I of Chapter 5 of Title 2, 2001 Ed.], issue rules to implement the provisions of this chapter.
