reglab/housing_qa huggingface dataset:
DC Code § 31-314 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3 - Annual Audited Financial Reports|§ 31-314. Applicability

(a) Every insurer, as defined in § 31-301, shall be subject to this chapter. Insurers having direct premiums written in the District of Columbia of less than $1,000,000 in any calendar year and having less than 1,000 policyholders or certificateholders of directly written policies nationwide at the end of any calendar year shall be exempt from this chapter for that year, unless the Mayor makes a specific finding that compliance is necessary for the Mayor to carry out statutory responsibilities, except that insurers having assumed premiums pursuant to contracts or treaties of reinsurance of $1,000,000 or more will not be so exempt. (b) Foreign or alien insurers filing audited financial reports in another state pursuant to the other state’s requirement of audited financial reports which has been found by the Mayor to be substantially similar to the requirements of this chapter are exempt from this chapter if: (1) A copy of the audited financial report, report on significant deficiencies in internal controls, and the accountant’s letter of qualifications which are filed with the other states are filed with the Mayor in accordance with the filing dates specified in §§ 31-302, 31-309, and 31-310, respectively. Canadian insurers may submit accounts’ reports as filed with the Canadian Dominion Department of Insurance. (2) A copy of any notification of adverse financial condition report filed with the other states is filed with the Mayor within the time specified in § 31-308. (c) This chapter shall not prohibit, preclude, or in any way limit the Mayor from ordering, conducting, or performing examinations of insurers under the rules and the practices and procedures of the District of Columbia.  (Oct. 21, 1993, D.C. Law 10-48, § 15, 40 DCR 6102.)  Prior Codifications 1981 Ed., § 35-3214. Section References This section is referenced in § 31-3931.13.
DC Code § 31-331 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-331. Definitions

 For the purposes of this chapter, the term: (1) "Commissioner" means the Commissioner of the Department of Insurance, Securities, and Banking. (2) "Corporate Governance Annual Disclosure" means the report filed by an insurer or insurance group under this chapter. (3) "Insurance group" means those insurers and affiliates included within an insurance holding company system, as defined in § 31-701(4). (4) "Insurer" shall have the same meaning as defined in § 31-301(3); except, that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions or territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. (5) "NAIC" means the National Association of Insurance Commissioners.  (Sept. 22, 2021, D.C. Law 24-26, § 2, 68 DCR 007994.)
DC Code § 31-332 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-332. Applicability and scope

(a) This chapter shall apply to all insurers domiciled in the District. (b) Nothing in this chapter shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which are required under applicable District law or to limit the Commissioner's authority, or the rights or obligations of third parties, under Chapter 14 of this title.  (Sept. 22, 2021, D.C. Law 24-26, § 3, 68 DCR 007994.)
DC Code § 31-333 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-333. Disclosure requirement

(a)(1) By June 1 of each year, an insurer, or the insurance group of which the insurer is a member, shall submit to the Commissioner a Corporate Governance Annual Disclosure that contains the information required by this chapter, or rules issued pursuant to this chapter; except, that if the insurer is a member of an insurance group operating in the District for which the Department of Insurance, Securities, and Banking is not the group's primary regulator the insurer shall submit the Corporate Governance Annual Disclosure to the commissioner of the lead state for the insurance group in accordance with the laws of the lead state, as outlined in the most recent edition of the NAIC Financial Analysis Handbook. (2) An insurer not required to submit a Corporate Governance Annual Disclosure to the Commissioner under this subsection shall provide a copy of the insurer's Corporate Governance Annual Disclosure to the Commissioner upon the Commissioner's request. (b) The Corporate Governance Annual Disclosure shall include a signature of the insurer or insurance group's chief executive officer or corporate secretary attesting, to the best of that individual's belief and knowledge, that the insurer has implemented the corporate governance practices described in the Corporate Governance Annual Disclosure and that a copy of the Corporate Governance Annual Disclosure has been provided to the insurer's board of directors or the appropriate committee of the insurer's board of directors. (c) For purposes of completing the Corporate Governance Annual Disclosure, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level depending upon how the insurer or insurance group has structured its system of corporate governance.  (Sept. 22, 2021, D.C. Law 24-26, § 4, 68 DCR 007994.)
DC Code § 31-334 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-334. Contents of Corporate Governance Annual Disclosure

(a)(1) The Corporate Governance Annual Disclosure shall be prepared in accordance with rules issued pursuant to this chapter and contain the material information necessary to permit the Commissioner to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. (2) The Commissioner may request any additional information considered material to providing the Commissioner with a clear understanding of the corporate governance policies and the reporting or information system or controls implementing those policies. (b) Documentation and supporting information for the Corporate Governance Annual Disclosure shall be maintained by the insurer or insurance group and made available for examination or upon request of the Commissioner.  (Sept. 22, 2021, D.C. Law 24-26, § 5, 68 DCR 007994.)
DC Code § 31-335 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-335. Confidentiality

(a) Documents, materials, and other information, including the Corporate Governance Annual Disclosure, in the possession or control of the Commissioner that are obtained by, created by, or disclosed to the Commissioner or any other person under this chapter shall be treated as confidential pursuant to the standards set forth in § 31-4121.07. (b) Documents obtained by, created by, or disclosed to the Commissioner or any other person under this chapter that are already in the public domain shall not be subject to the confidentiality provisions described in subsection (a) of this section.  (Sept. 22, 2021, D.C. Law 24-26, § 6, 68 DCR 007994.)
DC Code § 31-336 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-336. NAIC and third-party consultants

(a) The Commissioner may disclose information received pursuant to this chapter to the NAIC in reviewing the Corporate Governance Annual Disclosure and related information or in evaluating an insurer's compliance with this chapter. (b)(1) The Commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff, as may be reasonably necessary, to assist the Commissioner in reviewing the Corporate Governance Annual Disclosure and related information or in evaluating the insurer's compliance with this chapter. (2) The Commissioner shall have the authority to enter into a written agreement with the NAIC or a third-party consultant governing the sharing and use of information provided pursuant to this chapter. The agreement shall comply with the standards set forth in § 31-4121.07(d)(2). (3) A third-party consultant retained pursuant to this subsection shall serve under the direction and control of the Commissioner and shall act in an advisory capacity to the Commissioner. (4) The NAIC, and third-party consultants retained pursuant to this subsection, shall be subject to the same confidentiality standards and requirements as the Commissioner. (c) As part of the retention process, a third-party consultant shall verify to the Commissioner, with notice to the insurer, that it is free of a conflict of interest and has internal procedures in place to identify conflicts and monitor compliance with any measures taken to cure any conflicts and to comply with the confidentiality standards and requirements of this chapter.  (Sept. 22, 2021, D.C. Law 24-26, § 7, 68 DCR 007994.)
DC Code § 31-337 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-337. Sanctions

An insurer or insurance group failing, without just cause, to timely file a Corporate Governance Annual Disclosure as required in this chapter, after notice and hearing, may be fined up to $1,000 per day, with a maximum penalty of $25,000, or have its certificate of authority suspended, revoked, or denied renewal.  (Sept. 22, 2021, D.C. Law 24-26, § 8, 68 DCR 007994.)
DC Code § 31-338 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 3A - Insurer Corporate Governance Annual Reports|§ 31-338. Rulemaking

The Commissioner may, in accordance with Chapter 5 of Title 2, issue rules to implement the provisions of this chapter.  (Sept. 22, 2021, D.C. Law 24-26, § 9, 68 DCR 007994.)
DC Code § 31-401 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 4 - Business Transacted with Producer Controlled Insurer|§ 31-401. Definitions

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 [Commissioner of the Department of Insurance, Securities, and Banking]. (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.)  Prior Codifications 1981 Ed., § 35-4001. Editor's 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. 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).
DC Code § 31-402 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 4 - Business Transacted with Producer Controlled Insurer|§ 31-402. Applicability

This chapter shall apply to licensed insurers either domiciled in the District of Columbia or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of Chapter 7 of this title, to the extent they are not superseded by this chapter, shall continue to apply to all parties within holding company systems subject to this chapter.  (Oct. 21, 1993, D.C. Law 10-52, § 3, 40 DCR 6129.)  Prior Codifications 1981 Ed., § 35-4002.
DC Code § 31-403 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 4 - Business Transacted with Producer Controlled Insurer|§ 31-403. Applicability of minimum standards

(a) The provisions of §§ 31-404, 31-405, and 31-406 shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal to or greater than 5% of the admitted assets of the controlled insurer, as reported in the controlled insurer’s quarterly statement filed as of September 30 of the prior year. (b) Subsection (a) of this section shall not apply if: (1) The controlling producer: (A) Places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the controlled insurer’s holding company system, or the controlled insurer’s parent, affiliate, or subsidiary, and receives no compensation based upon the amount of premiums written in connection with the insurance; and (B) Accepts insurance placements only from nonaffiliated subproducers, and not directly from insureds; and (2) The controlled insurer, except for insurance business written through a residual market facility accepts insurance business only from a controlling producer, a producer controlled by the controlled insurer, or a producer that is a subsidiary of the controlled insurer.  (Oct. 21, 1993, D.C. Law 10-52, § 4, 40 DCR 6129.)  Prior Codifications 1981 Ed., § 35-4003.
DC Code § 31-405 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 4 - Business Transacted with Producer Controlled Insurer|§ 31-405. Audit committee

Every controlled insurer shall have an audit committee of the board of directors composed of independent directors. The audit committee shall annually meet with management, the insurer’s independent certified public accountants, and an independent casualty actuary, or other independent loss reserve specialist acceptable to the Mayor, to review the adequacy of the insurer’s loss reserves.  (Oct. 21, 1993, D.C. Law 10-52, § 6, 40 DCR 6129.)  Prior Codifications 1981 Ed., § 35-4005. Section References This section is referenced in § 31-403.
DC Code § 31-406 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 4 - Business Transacted with Producer Controlled Insurer|§ 31-406. Reporting requirements

(a) In addition to any other required loss reserve certification, the controlled insurer shall annually, on April 1 of each year, file with the Mayor an opinion of an independent casualty actuary, or any other independent loss reserve specialist acceptable to the Mayor reporting loss reserve for each line of business written and attesting to the adequacy of loss reserves established for losses incurred and outstanding as of year-end, including that incurred, but not reported, on business placed by the producer. (b) The controlled insurer shall annually report to the Mayor the amount of commissions paid to the producer, the percentage the amount represents of the net premiums written, and comparable amounts and percentage paid to noncontrolling producers for placements of the same kinds of insurance.  (Oct. 21, 1993, D.C. Law 10-52, § 7, 40 DCR 6129; Apr. 26, 1994, D.C. Law 10-103, § 9, 41 DCR 1005.)  Prior Codifications 1981 Ed., § 35-4006. Section References This section is referenced in § 31-403. Temporary Legislation For temporary (225 day) amendment of section, see § 9 of the Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17 1994, law notification 41 DCR 1626).
DC Code § 31-407 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 4 - Business Transacted with Producer Controlled Insurer|§ 31-407. Disclosure

The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his or her records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured.  (Oct. 21, 1993, D.C. Law 10-52, § 8, 40 DCR 6129.)  Prior Codifications 1981 Ed., § 35-4007.
DC Code § 31-408 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 4 - Business Transacted with Producer Controlled Insurer|§ 31-408. Penalties

(a)(1) If the Mayor believes that the controlling producer or any other person has not materially complied with this chapter, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the Commissioner may order the controlling producer to cease placing business with the controlled insurer; and (2) If it was found that because of material noncompliance the controlled insurer or any policyholder has suffered any loss or damage, the Mayor may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or for other appropriate relief. (b) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to Chapter 13 of this title, and the receiver appointed under that order believes that the controlling producer, or any other person, has not materially complied with this chapter, or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, 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 under the insurance laws of the District of Columbia. (d) Nothing contained in this section shall in any manner alter or affect the rights of policyholders, claimants, creditors, or other third parties.  (Oct. 21, 1993, D.C. Law 10-52, § 9, 40 DCR 6129; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-4008.
DC Code § 31-502 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 5 - Credit for Reinsurance|§ 31-502. Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 31-501

(a) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 31-501 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided, that the Commissioner may adopt by regulation pursuant to § 31-504(b) specific additional requirements relating to or setting forth the: (1) Valuation of assets or reserve credits; (2) Amount and forms of security supporting reinsurance arrangements described § 31-504(b); and (3) Circumstances pursuant to which credit will be reduced or eliminated. (b) The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer, or, in the case of a trust, held in a qualified U.S. financial institution, as defined in § 31-503(a). This security may be in the form of: (1) Cash; (2) Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets; (3) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified U.S. financial institution effective no later than December 31 of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement; provided, that letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance (or confirmation) shall, notwithstanding the issuing (or confirming) institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs; or (4) Any other form of security acceptable to the Commissioner.  (Oct. 15, 1993, D.C. Law 10-36, § 3, 40 DCR 5812; May 21, 1997, D.C. Law 11-268, § 10(cc), 44 DCR 1730; Mar. 11, 2015, D.C. Law 20-235, § 3(b), 62 DCR 461; Apr. 11, 2019, D.C. Law 22-292, § 201(b), 66 DCR 1691.)  Prior Codifications 1981 Ed., § 35-3302. Section References This section is referenced in § 31-3932.11. Effect of Amendments The 2015 amendment by D.C. Law 20-235 rewrote (2). Applicability  Section 401 of D.C. Law 22-292 provided that the changes made to this section by D.C. Law 22-292 shall apply to all insurance policies issued or renewed in the District 90 days after April 11, 2019.  Editor's Notes Application of Law 10-36: See Historical and Statutory Notes following § 31-501.