reglab/housing_qa huggingface dataset:
DC Code § 31-206 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 2 - Duties of Commissioner; Requirements of Industry|§ 31-206. Required annual reports of Commissioner — Contents

The Commissioner of Insurance and Securities [Commissioner of the Department of Insurance, Securities, and Banking] shall report annually to the Mayor of the District, on or before the 31st day of March, the financial condition of each insurance company and association doing business in said District, as of the 31st day of December next preceding.  (Mar. 3, 1901, 31 Stat. 1292, ch. 854, § 651; May 21, 1997, D.C. Law 11-268, § 10(d), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-106. 1973 Ed., § 35-106. Section References This section is referenced in § 31-3503. Cross References Hospital and medical services corporations, applicability of this section, see § 31-3503. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 35-101. Change in Government This section originated at a time when local government powers were delegated to a Board of Commissioners of the District of Columbia (see Acts Relating to the Establishment of the District of Columbia and its Various Forms of Governmental Organization in Volume 1). Section 401 of Reorganization Plan No. 3 of 1967 (see Reorganization Plans in Volume 1) transferred all of the functions of the Board of Commissioners under this section to a single Commissioner. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 ( D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act ( D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.
DC Code § 31-207 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 2 - Duties of Commissioner; Requirements of Industry|§ 31-207. Required annual reports of Commissioner — Publication and distribution

After May 18, 1910, the annual reports of the Commissioner of Insurance and Securities [Commissioner of the Department of Insurance, Securities, and Banking] shall be printed and bound in 1 volume, and shall be ready for distribution not later than the 1st day of the next regular session of Congress thereafter.  (May 18, 1910, 36 Stat. 379, ch. 248, § 1; May 21, 1997, D.C. Law 11-268, § 10(e), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-107. 1973 Ed., § 35-107. Section References This section is referenced in § 31-3503. Cross References Hospital and medical services corporations, applicability of this section, see § 31-3503. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-201.
DC Code § 31-208 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 2 - Duties of Commissioner; Requirements of Industry|§ 31-208. Capital requirements of companies or associations

It shall be the duty of the said Commissioner of Insurance and Securities [Commissioner of the Department of Insurance, Securities, and Banking] to ascertain whether the capital required by law or the charter of each insurance company or association organized under the laws of the District of Columbia has been actually paid up in cash and is held by its board of directors subject to their control, according to the provisions of their charter, or has been invested in property worth not less than the full amount of the capital stock required by its charter; or, if a mutual company, that it has received and is in actual possession of securities, as the case may be, to the full extent of the value required by its charter; and the president and secretary of such company or association shall make a declaration under oath to said Commissioner, who is hereby empowered to administer oaths when hereby required, that the tangible assets exhibited to him represent bona fide the property of the company or association, which sworn declaration shall be filed and preserved in the office of said Commissioner; and any such officer swearing falsely in regard to any of the provisions hereof shall be deemed guilty of perjury and shall be subject to all the penalties prescribed by law in the District of Columbia for that crime.  (Mar. 3, 1901, 31 Stat. 1292, ch. 854, § 652; May 21, 1997, D.C. Law 11-268, § 10(d), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-108. 1973 Ed., § 35-108. Cross References Capital stock requirements, see § 31-5202. Impairment of capital, see § 31-5201. Inspection and examination of insurance companies, see §§ 31-5201 and 31-5202. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-201.
DC Code § 31-231 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 2A - Unauthorized Entities|§ 31-231. Unauthorized entities

No person shall act as an insurer, or engage in any other activity, directly or indirectly, which is regulated in acts codified in Chapters 1 through 55 of this title unless performed within the scope of a certificate of authority issued by the Commissioner as provided by this chapter. The prohibitions in this chapter shall not apply to persons or entities engaging in activity pursuant to §§ 31-2502.39 and 31-2502.40.  (Mar. 8, 2007, D.C. Law 16-232, § 102, 54 DCR 368.)  Section References This section is referenced in § 31-232.
DC Code § 31-232 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 2A - Unauthorized Entities|§ 31-232. Aiding or assisting unauthorized activity

No person shall aid or assist another person in unauthorized activity proscribed by § 31-231, including selling, soliciting, or negotiating for applications, policies, memberships, or other business.  (Mar. 8, 2007, D.C. Law 16-232, § 103, 54 DCR 368.)
DC Code § 31-302 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-302. General requirements for filing audited financial reports and audit committee appointments; extensions

(a) All insurers shall have an annual audit prepared by an independent certified public accountant and shall file an audited financial report with the Mayor on or before June 1st for the year ended December 31st immediately preceding. The Mayor may require an insurer to file an audited financial report earlier than June 1st with 90 days advance notice to the insurer. (b) Extensions of the June 1st filing date may be granted by the Mayor for 30-day periods upon showing by the insurer and its independent certified public accountant the reasons for requesting the extension and determination by the Mayor of good cause for an extension. The request for extension must be submitted in writing not less than 10 days prior to the due date in sufficient detail to permit the Mayor to make an informed decision with respect to the requested extension. (c) If an extension is granted in accordance with the provisions in subsection (b) of this section, an extension for the same 30-day period shall be granted for the filing of a management’s report of internal control over financial reporting. (d) An insurer required to file an annual audited financial report pursuant to this chapter shall establish an audit committee. If the insurer is controlled by a controlling person or entity, the audit committee of the controlling entity, in compliance with § 31-311.01(e), may serve as the audit committee for the subject insurer for purposes of this chapter.  (Oct. 21, 1993, D.C. Law 10-48, § 3, 40 DCR 6102; Mar. 12, 2011, D.C. Law 18-317, § 2(b), 57 DCR 12418.)  Prior Codifications 1981 Ed., § 35-3202. Section References This section is referenced in § 31-313 and § 31-314. Effect of Amendments D.C. Law 18-317 rewrote the section heading, which had read as follows: “Filing and extensions for filing of annual audited financial reports.”; and added subsecs. (c) and (d). Emergency Legislation For temporary (90 day) amendment of section, see § 2(b) of Annual Financing Reporting Modernization Emergency Amendment Act of 2010 (D.C. Act 18-665, December 28, 2010, 58 DCR 80). For temporary (90 day) amendment of section, see § 2(b) of Annual Financial Reporting Modernization Congressional Review Emergency Amendment Act of 2011 (D.C. Act 19-30, March 15, 2011, 58 DCR 2591).
DC Code § 31-306 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-306. Consolidated or combined audits

An insurer may make written application to the Mayor for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or 100% reinsurance agreement that affects the solvency and integrity of the insurer’s reserves and the insurer cedes all of its direct and assumed business to the pool. In these cases, a column consolidating or combining worksheet shall be filed with the report, as follows: (1) Amounts shown on the consolidated or combined audited financial report shall be shown on the worksheet. (2) Amounts for each insurer subject to this section shall be stated separately. (3) Noninsurance operations may be shown on the worksheet on a combined or individual basis. (4) Explanations of consolidating and eliminating entries shall be included. (5) A reconciliation shall be included of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown on the annual statements of the insurers.  (Oct. 21, 1993, D.C. Law 10-48, § 7, 40 DCR 6102.)  Prior Codifications 1981 Ed., § 35-3206.
DC Code § 31-307 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-307. Scope of audit and report of independent certified public accountant

Financial statements furnished pursuant to § 31-303 shall be examined by an independent certified public accountant. In accordance with AU section 319 of the Professional Standards of the American Institute of Certified Public Accountants, Consideration of Internal Control in a Financial Statement Audit, the independent certified public accountant shall obtain a sufficient understanding of the insurer’s internal controls to ensure that the audit plan is effective. To the extent required by AU section 319, for those insurers required to file a management’s report of internal control over financial reporting pursuant to § 31-311.03, the independent certified public accountant shall consider the most recently available management reports in planning and performing the audit of the statutory financial statements. The audit of the insurer’s financial statements shall be conducted in accordance with generally accepted auditing standards. Consideration shall also be given to such other procedures illustrated in the Financial Condition Examiner’s Handbook promulgated by the NAIC as the independent certified public accountant deems necessary.  (Oct. 21, 1993, D.C. Law 10-48, § 8, 40 DCR 6102; Feb. 27, 1996, D.C. Law 11-90, § 5(d), 42 DCR 7155; Mar. 12, 2011, D.C. Law 18-317, § 2(f), 57 DCR 12418.)  Prior Codifications 1981 Ed., § 35-3207. Effect of Amendments D.C. Law 18-317 substituted “audit” for “examination”; added the second and third sentences; and substituted “consideration shall” for “consideration should”. Emergency Legislation For temporary amendment of section, see § 6(d) of the Insurance Omnibus Emergency Amendment Act of 1995 (D.C. Act 11-48, May 15, 1995, 42 DCR 2544) and § 5(d) of the Insurance Omnibus Congressional Recess Emergency Amendment Act of 1995 (D.C. Act 11-97, July 19, 1995, 42 DCR 3844). For temporary (90 day) amendment of section, see § 2(f) of Annual Financing Reporting Modernization Emergency Amendment Act of 2010 (D.C. Act 18-665, December 28, 2010, 58 DCR 80). For temporary (90 day) amendment of section, see § 2(f) of Annual Financial Reporting Modernization Congressional Review Emergency Amendment Act of 2011 (D.C. Act 19-30, March 15, 2011, 58 DCR 2591). Temporary Legislation For temporary (225 day) amendment of section, see § 5(d) of Insurance Omnibus Temporary Amendment Act of 1995 (D.C. Law 11-36, September 8, 1995, law notification 42 DCR 5305).
DC Code § 31-309 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-309. Communication of internal control related matters noted in audit

(a) In addition to the annual audited financial report, an insurer shall furnish the Mayor with a written communication regarding any unremediated material weaknesses in its internal controls over financial reporting noted during the audit. If no unremediated material weaknesses were noted during the audit, the insurer shall submit a written communication stating this fact to the Mayor. The communication shall be prepared by the independent certified public accountant within 60 days after the filing of the annual audited financial report and shall contain a description of any unremediated material weakness, as of December 31 immediately preceding, in the insurer’s internal control over financial reporting noted by the accountant during the course of their audit of the financial statements. (b) The insurer shall provide a description of the remedial actions taken or those being proposed to correct unremediated material weaknesses if the actions are not described in the independent certified public accountant’s communication to the insurer.  (Oct. 21, 1993, D.C. Law 10-48, § 10, 40 DCR 6102; Mar. 12, 2011, D.C. Law 18-317, § 2(h), 57 DCR 12418.)  Prior Codifications 1981 Ed., § 35-3209. Section References This section is referenced in § 31-311.03 and § 31-314. Effect of Amendments D.C. Law 18-317 rewrote the section, which formerly read: “In addition to the annual audited financial statements, each insurer shall furnish the Mayor with a written report prepared by the accountant describing significant deficiencies in the insurer’s internal control structure noted by the accountant during the audit. SAS No. 60, Communication of Internal Control Structure Matters Noted in an Audit (AU section 325 of the Professional Standards of the American Institute of Certified Public Accountants) requires an accountant to communicate significant deficiencies, known as reportable conditions, noted during a financial statement audit to the appropriate parties within an entity. No report shall be issued if the accountant does not identify significant deficiencies. If significant deficiencies are noted, the written report shall be filed annually by the insurer with the Mayor within 60 days after the filing of the annual audited financial statements. The insurer is required to provide a description of remedial actions taken or proposed to correct significant deficiencies, if the actions are not described in the accountant’s report.” Emergency Legislation For temporary (90 day) amendment of section, see § 2(h) of Annual Financing Reporting Modernization Emergency Amendment Act of 2010 (D.C. Act 18-665, December 28, 2010, 58 DCR 80). For temporary (90 day) amendment of section, see § 2(h) of Annual Financial Reporting Modernization Congressional Review Emergency Amendment Act of 2011 (D.C. Act 19-30, March 15, 2011, 58 DCR 2591).
DC Code § 31-310 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-310. Accountant’s letter of qualifications

The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating that: (1) The accountant is independent with respect to the insurer and conforms to the standards of his or her profession as contained in the Code of Professional Ethics and pronouncements of the American Institute of Certified Public Accountants and the rules of the District of Columbia Board of Accountancy. (2) The background and experience of the accountant in general is listed, and the experience in audits of insurers of the staff assigned to the engagement and whether each is an independent certified public accountant. Nothing within this chapter shall be construed as prohibiting the accountant from utilizing the staff he or she deems appropriate where use is consistent with the standards prescribed by generally accepted auditing standards. (3) The accountant understands the annual audited financial report and his or her opinion thereon will be filed in compliance with this chapter and that the Mayor will be relying on this information in the monitoring and regulation of the financial position of insurers. (4) The accountant consents to the requirements of § 31-311 and that the accountant consents and agrees to make available for review by the Mayor, his or her designee or his or her appointed agent, the workpapers, as defined in § 31-311. (5) The accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the American Institute of Certified Public Accountants. (6) The accountant is in compliance with the requirements of § 31-305.  (Oct. 21, 1993, D.C. Law 10-48, § 11, 40 DCR 6102; Feb. 27, 1996, D.C. Law 11-90, § 5(f), 42 DCR 7155.)  Prior Codifications 1981 Ed., § 35-3210. Section References This section is referenced in § 31-314. Emergency Legislation For temporary amendment of section, see § 6(f) of the Insurance Omnibus Emergency Amendment Act of 1995 (D.C. Act 11-48, May 15, 1995, 42 DCR 2544) and § 5(f) 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 § 5(f) of Insurance Omnibus Temporary Amendment Act of 1995 (D.C. Law 11-36, September 8, 1995, law notification 42 DCR 5305).
DC Code § 31-311.01a (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-311.01a. Internal audit function requirements

(a) An insurer shall be exempt from the requirements of this section if: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premium reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $500 million; and (2) If the insurer is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding premium reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $1 billion. (b) The insurer or group of insurers shall establish an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management, and internal controls. This assurance shall be provided by performing general and specific audits, reviews, and tests and by employing other techniques considered necessary to protect assets, evaluate control effectiveness and efficiency, and evaluate compliance with policies and regulations. (c)(1) To ensure that internal auditors remain objective, the internal audit function shall be organizationally independent. The internal audit function will not defer ultimate judgment on audit matters to others and shall appoint an individual to head the Internal audit function who will have direct and unrestricted access to the board of directors. (2) Organizational independence shall not preclude dual-reporting relationships. (d) The head of the internal audit function shall report to the audit committee regularly, but no less than annually, on the periodic audit plan, factors that may adversely impact the Internal audit function's independence or effectiveness, material findings from completed audits, and the appropriateness of corrective actions implemented by management as a result of audit findings. (e) If an insurer is a member of an insurance holding company system or included in a group of insurers, the insurer may satisfy the Internal audit function requirements set forth in this section at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level.  (Oct. 21, 1993, D.C. Law 10-48, § 12a-1; as added Apr. 11, 2019, D.C. Law 22-292, § 301(c), 66 DCR 1691.)  Applicability  Section 401 of D.C. Law 22-292 provided that this section, as created by D.C. Law 22-292, shall apply to all insurance policies issued or renewed in the District 90 days after April 11, 2019.
DC Code § 31-311.02 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-311.02. Conduct of insurer in connection with the preparation of required reports and documents

(a) A director or officer of an insurer shall not, in connection with any audit, review, or communication required under this chapter, directly or indirectly: (1) Make, or cause to be made, a materially false or misleading statements [sic] to an accountant; or (2) Omit to state, or cause another person to omit to state, any material fact necessary to make a statement made to an accountant, in light of the circumstances under which they were made, not misleading. (b)(1) A director or officer of an insurer, or any other person acting under the direction thereof, shall not, directly or indirectly, take any action to coerce, manipulate, mislead, or fraudulently influence any accountant engaged in the performance of an audit pursuant to this chapter if the person knew or should have known that the action, if successful, could result in rendering the insurer’s financial statements materially misleading. (2) For the purposes of this subsection, actions that could result in rendering the insurer’s financial statements materially misleading include actions causing the accountant to: (A) Issue or reissue a report on an insurer’s financial statements that is not warranted under the circumstances due to material violations of statutory accounting principles, generally accepted auditing standards, or other professional or regulatory standards; (B) Not perform audit, review, or other procedures required by generally accepted auditing standards or other professional standards; (C) Not withdraw an issued report; or (D) Not communicate matters to an insurer’s audit committee.  (Oct. 21, 1993, D.C. Law 10-48, § 12b; as added Mar. 12, 2011, D.C. Law 18-317, § 2(j), 57 DCR 12418.)
DC Code § 31-313 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-313. Canadian and British companies

(a) In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by these companies with their domiciliary supervision authority duly audited by an independent chartered accountant. (b) For Canadian and British insurers, the letter required in § 31-304 shall state that the accountant is aware of the requirements relating to the annual audited statement filed with the Mayor pursuant to § 31-302 and shall affirm that the opinion expressed is in conformity with these requirements.  (Oct. 21, 1993, D.C. Law 10-48, § 14, 40 DCR 6102; May 16, 1995, D.C. Law 10-255, § 31, 41 DCR 5193.)  Prior Codifications 1981 Ed., § 35-3213.