reglab/housing_qa huggingface dataset:
DC Code § 31-1701 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 17 - Redomestication|§ 31-1701. Definitions

For the purposes of this chapter, the term: (1) “Commissioner” means the Commissioner of the Department of Insurance, Securities and Banking. (1A) “District” means the District of Columbia. (2) “Redomestication” means the transfer to the District the corporate domicile of an authorized foreign insurance company. (3) Repealed. (4) “Transferring insurer” means any authorized foreign insurance company seeking redomestication.  (May 24, 1996, D.C. Law 11-127, § 2, 43 DCR 1559; Mar. 24, 1998, D.C. Law 12-81, § 44(a), 45 DCR 745; Apr. 13, 2005, D.C. Law 15-354, § 46(a), 52 DCR 2638.)  Prior Codifications 1981 Ed., § 35-4301. Effect of Amendments D.C. Law 15-354, in par. (1), substituted “of the Department of Insurance, Securities, and Banking” for “of Insurance and Securities Regulation”.
DC Code § 31-1702 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 17 - Redomestication|§ 31-1702. Approval as a domestic insurer

Any insurer which is organized under laws of any state and is admitted to do business in the District for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designating its principal place of business at a place in the District. The domestic insurer shall be entitled to like certificates and licenses to transact business in the District, and shall be subject to the authority and jurisdiction of the District.  (May 24, 1996, D.C. Law 11-127, § 3, 43 DCR 1559.)  Prior Codifications 1981 Ed., § 35-4302.
DC Code § 31-1703 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 17 - Redomestication|§ 31-1703. Conversion to foreign insurer

Any domestic insurer may, upon the approval of the Commissioner, transfer its domicile to any state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer and shall be admitted to the District, if qualified, as a foreign insurer. The Commissioner shall approve any proposed transfer unless he or she determines such a transfer is not in the best interest of the policyholders of the District.  (May 24, 1996, D.C. Law 11-127, § 4, 43 DCR 1559; Mar. 24, 1998, D.C. Law 12-81, § 44(b), 45 DCR 745; Apr. 13, 2005, D.C. Law 15-354, § 46(b), 52 DCR 2638.)  Prior Codifications 1981 Ed., § 35-4303. Effect of Amendments D.C. Law 15-354 deleted “of Insurance and Securities” following “approval of the Commissioner”.
DC Code § 31-1704 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 17 - Redomestication|§ 31-1704. Effects of redomestication

(a) The certificate of authority, agent appointments and licenses, rates, and other items which the Commissioner allows, in his or her discretion, which are in existence at the time any insurer licensed to transact the business of insurance in the District transfers its corporate domicile to the District or any other state by merger, consolidation, or any other lawful method shall continue in full force and effect upon the transfer if the insurer remains duly qualified to transact the business of insurance in the District. All outstanding policies of any transferring insurer shall remain in full force and effect and need not be endorsed as to the new name of the company or its new location unless so ordered by the Commissioner. (b) Every transferring insurer shall file new policy forms with the Commissioner on or before the effective date of the transfer, but may use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by, the Commissioner. (c) Every such transferring insurer shall notify the Commissioner of the details of the proposed transfer and shall file promptly any resulting amendments to corporate documents filed or required to be filed with the Commissioner.  (May 24, 1996, D.C. Law 11-127, § 5, 43 DCR 1559; Mar. 24, 1998, D.C. Law 12-81, § 44(c), 45 DCR 745.)  Prior Codifications 1981 Ed., § 35-4304.
DC Code § 31-1705 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 17 - Redomestication|§ 31-1705. Rulemaking

The Mayor, pursuant to subchapter I of Chapter 5 of Title 2, may issue rules and regulations to carry out the purpose of this chapter.  (May 24, 1996, D.C. Law 11-127, § 6, 43 DCR 1559.)  Prior Codifications 1981 Ed., § 35-4305.
DC Code § 31-1803 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 18 - Reinsurance Intermediaries|§ 31-1803. Required contract provisions; reinsurance intermediary-brokers

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 reinsurance broker’s authority at any time. (2) The reinsurance broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the reinsurance broker, and remit all funds due to the insurer within 30 days of receipt. (3) All funds collected for the insurer’s account will be held by the reinsurance broker in a fiduciary capacity in a bank which is a qualified United States financial institution as defined in § 31-1801. (4) The reinsurance broker will comply with § 31-1804. (5) The reinsurance broker will comply with the written standards established by the insurer for the cession or retrocession of all risks. (6) The reinsurance broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.  (Oct. 21, 1993, D.C. Law 10-47, § 4, 40 DCR 6093.)  Prior Codifications 1981 Ed., § 35-3103.
DC Code § 31-1804 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 18 - Reinsurance Intermediaries|§ 31-1804. Books and records; reinsurance intermediary brokers

(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 territory; (2) Period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation; (3) Reporting and settlement requirements of balances; (4) Rate used to compute the reinsurance premium; (5) Names and addresses of assuming reinsurers; (6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance broker; (7) Related correspondence and memoranda; (8) Proof of placement; (9) Details regarding retrocessions handled by the reinsurance broker including the identity of retrocessionaires and percentage of each contract assumed or ceded; (10) Financial records, including, but not limited to, premium and loss accounts; and (11) When the reinsurance broker procures a reinsurance contract on behalf of a licensed ceding insurer: (A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative. (b) The insurer will have access and the right to copy and audit all accounts and records maintained by the reinsurance broker related to its business in a form usable by the insurer.  (Oct. 21, 1993, D.C. Law 10-47, § 5, 40 DCR 6093.)  Prior Codifications 1981 Ed., § 35-3104. Section References This section is referenced in § 31-1803.
DC Code § 31-1805 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 18 - Reinsurance Intermediaries|§ 31-1805. Duties of insurers utilizing the services of a reinsurance intermediary-broker

(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 broker with which it transacts business, unless the reinsurance broker is under common control with the insurer and subject to Chapter 7 of this title. (c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance broker with which it transacts business.  (Oct. 21, 1993, D.C. Law 10-47, § 6, 40 DCR 6093.)  Prior Codifications 1981 Ed., § 35-3105.
DC Code § 31-1807 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 18 - Reinsurance Intermediaries|§ 31-1807. Prohibited acts

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 guidelines for retrocessions. These guidelines shall include a list of reinsurers with which the automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules; (2) Commit the reinsurer to participate in reinsurance syndicates; (3) Appoint any broker without assuring that the broker is lawfully licensed to transact the type of reinsurance for which he or she is appointed; (4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or 1% of the reinsurer’s policyholder’s surplus as of December 31 of the last complete calendar year; (5) Collect any payment from a retrocessionaire, or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer; (6) Jointly employ an individual who is employed by the reinsurer unless the reinsurance manager is under common control with the reinsurer subject to Chapter 7 of this title; or (7) Appoint a sub-reinsurance manager.  (Oct. 21, 1993, D.C. Law 10-47, § 8, 40 DCR 6093.)  Prior Codifications 1981 Ed., § 35-3107.
DC Code § 31-1808 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 18 - Reinsurance Intermediaries|§ 31-1808. Duties of reinsurers utilizing the services of a reinsurance-intermediary-manager

(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 condition of each reinsurance manager which the reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the Mayor. (c) If a reinsurance manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance manager. This opinion shall be in addition to any other required loss reserve certification. (d) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance manager. (e) Within 30 days of termination of a contract with a reinsurance manager, the reinsurer shall provide written notification of the termination to the Commissioner. (f) A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder, or subproducer of its reinsurance manager. This subsection shall not apply to relationships governed by Chapter 7 of this title.  (Oct. 21, 1993, D.C. Law 10-47, § 9, 40 DCR 6093; May 21, 1997, D.C. Law 11-268, § 10(bb), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-3108. Section References This section is referenced in § 31-1806.
DC Code § 31-1809 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 18 - Reinsurance Intermediaries|§ 31-1809. Examination authority

(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.  (Oct. 21, 1993, D.C. Law 10-47, § 10, 40 DCR 6093.)  Prior Codifications 1981 Ed., § 35-3109.
DC Code § 31-1810 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 18 - Reinsurance Intermediaries|§ 31-1810. Penalties and liabilities

(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 penalty in an amount not exceeding $10,000; (2) Revocation or suspension of the producer’s license; and (3) If it was found that because of material noncompliance the insurer has suffered any loss or damage, the Commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors, or other appropriate relief. (b) If an order of rehabilitation or liquidation of the insurer has been entered pursuant to Chapter 13 of this title, and the receiver appointed under that order determines that the reinsurance intermediary or any other person has not materially complied with this chapter, or any regulation or order promulgated thereunder, and the insurer suffered any loss or damage, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer. (c) Nothing contained in this section shall affect the right of the Mayor to impose any other penalties provided in District insurance law. (d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to those persons.  (Oct. 21, 1993, D.C. Law 10-47, § 11, 40 DCR 6093; Apr. 26, 1994, D.C. Law 10-103, § 6(b), 41 DCR 1005; Feb. 27, 1996, D.C. Law 11-90, §§ 4(b), 4(c), 42 DCR 7155; May 21, 1997, D.C. Law 11-268, § 10(bb), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-3110. Emergency Legislation For temporary amendment of section, see § 5(b) and (c) of the Insurance Omnibus Emergency Amendment Act of 1995 (D.C. Act 11-48, May 15, 1995, 42 DCR 2544) and § 4(b) and (c) of the Insurance Omnibus Congressional Recess Emergency Amendment Act of 1995 (D.C. Act 11-97, July 19, 1995, 42 DCR 3844). Temporary Legislation For temporary (225 day) amendment of section, see § 6(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626). For temporary (225 day) amendment of section, see § 4(b) of Insurance Omnibus Temporary Amendment Act of 1995 (D.C. Law 11-36, September 8, 1995, law notification 42 DCR 5305).
DC Code § 31-1902 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 19 - Required Annual Financial Statements and Participation in the NAIC Insurance Regulatory Information System|§ 31-1902. Immunity

(a) In the absence of fraud, actual malice, or bad faith, members of the NAIC, their duly authorized committees, subcommittees, and task forces, their delegates, NAIC employees, and all others, including District employees, charged with the responsibility of collecting, reviewing, analyzing, and disseminating the information developed from the filing of the annual statement convention blanks shall be acting as agents of the Mayor under the authority of this chapter, and shall not be subject to civil liability for libel, slander, or any other cause of action by virtue of their collection, review, and analysis or dissemination of the data and information collected from the filings required by this chapter. (b) Nothing in this section is intended to abrogate or modify in any way any common law or statutory privilege or immunity enjoyed by any person prior to this chapter.  (Oct. 21, 1993, D.C. Law 10-42, § 3, 40 DCR 6020.)  Prior Codifications 1981 Ed., § 35-3402.
DC Code § 31-1903 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 19 - Required Annual Financial Statements and Participation in the NAIC Insurance Regulatory Information System|§ 31-1903. Confidentiality

All financial analysis ratios and examination synopses and related information concerning insurance companies that are submitted to the Mayor by the NAIC Insurance Regulatory Information System are confidential and may not be disclosed by the Mayor or any member of the Department of Insurance, Securities, and Banking. This information shall not be subject to disclosure under the District of Columbia Freedom of Information Act or any other District law relating to disclosure of information.  (Oct. 21, 1993, D.C. Law 10-42, § 4, 40 DCR 6020; May 21, 1997, D.C. Law 11-268, § 10(dd), 44 DCR 1730; June 11, 2004, D.C. Law 15-166, § 4(k), 51 DCR 2817.)  Prior Codifications 1981 Ed., § 35-3403. Effect of Amendments D.C. Law 15-166 substituted “Department of Insurance, Securities, and Banking” for “Department of Insurance and Securities Regulation”. Emergency Legislation For temporary (90 day) amendment of section, see § 4(k) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653). References in Text The “District of Columbia Freedom of Information Act,” referred to in this section, is D.C. Law 1-96, codified at § 2-531 et seq.
DC Code § 31-1904 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 19 - Required Annual Financial Statements and Participation in the NAIC Insurance Regulatory Information System|§ 31-1904. Revocation of Certificate of Authority

The Mayor may fine insurance companies or suspend, revoke, or refuse to renew the Certificate of Authority of any insurer failing to file its annual statement when due or within any extension of time which the Mayor, for good cause, may have granted.  (Oct. 21, 1993, D.C. Law 10-42, § 5, 40 DCR 6020.)  Prior Codifications 1981 Ed., § 35-3404.
DC Code § 31-2002 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 20 - Risk-Based Capital|§ 31-2002. RBC Reports

(a) Every domestic insurer shall, on or prior to each March 1 (“filing date”), prepare and submit to the Commissioner a report of its RBC Levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC Instructions. In addition, every domestic insurer shall file its RBC Report: (1) With the NAIC in accordance with the RBC Instructions; and (2) With the commissioner in any state in which the insurer is authorized to do business, if the commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC Report not later than the later of: (A) Fifteen days from the receipt of notice to file its RBC Report with that state; or (B) The filing date. (b) A life and health insurer’s RBC shall be determined in accordance with the formula set forth in the RBC Instructions. The formula shall take into account, and may be adjusted for the covariance between: (1) The risk with respect to the insurer’s assets; (2) The risk of adverse insurance experience with respect to the insurer’s liabilities and obligations; (3) The interest rate risk with respect to the insurer’s business; and (4) All other business risks and such other relevant risks as are set forth in the RBC Instructions; (c) Factors set forth in subsection (b)(1) through (4) of this section shall be determined in each case by applying the factors in the manner set forth in the RBC Instructions. (d) A property and casualty insurer’s RBC shall be determined in accordance with the formula set forth in the RBC Instructions. The formula shall take into account and may adjust for the covariance between: (1) Asset risk; (2) Credit risk; (3) Underwriting risk; and (4) All other business risks and such other relevant risks as are set forth in the RBC Instructions; (e) The factors set forth in subsection (d)(1) through (4) of this section shall be determined in each case by applying the factors in the manner set forth in the RBC Instructions. (f) An excess of capital over the amount produced by the risk-based capital requirements contained in this chapter and the formulas, schedules, and instructions referenced in this chapter is desirable in the business of insurance. Insurers should maintain capital above the RBC Levels required by this chapter. (g) If a domestic insurer files an RBC Report which in the judgment of the Commissioner is inaccurate, then the Commissioner shall adjust the RBC Report to correct the inaccuracy and shall notify the insurer of the adjustment. An RBC Report so adjusted is an Adjusted RBC Report. The notice shall contain a statement of the reason for the adjustment.  (Apr. 9, 1997, D.C. Law 11-233, § 3, 44 DCR 765; Apr. 15, 2017, D.C. Law 21-278, § 2(b), 64 DCR 963.)  Prior Codifications 1981 Ed., § 35-4602. Section References This section is referenced in § 31-2001, § 31-2010, and § 31-3931.22.