reglab/housing_qa huggingface dataset:
DC Code § 31-1372.12 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter II - Life Insurers|§ 31-1372.12. Additional investment authority

(a) Solely for the purpose of acquiring investments that exceed the quantitative limitations of §§ 31-1372.02 through 31-1372.09, an insurer may acquire under this subsection an investment, or engage in investment practices, described in § 31-1372.08; provided, that an insurer shall not acquire and investment, or engage in investment practices, described in § 31-1372.08 under this subsection if, as a result of and after giving effect to the transaction: (1) The aggregate amount of investments held by an insurer under this subsection would exceed 3% of its admitted assets; or (2) The aggregate amount of investments as to one limitation in §§ 31-1372.02 through 31-1372.09 held by the insurer under this subsection would exceed 1% of its admitted assets. (b)(1) In addition to the authority provided under subsection (a) of this section, subject to paragraph (2) of this subsection, an insurer may acquire under this subsection an investment of any kind, or engage in investment practices described in § 31-1372.08, that are not specifically prohibited by this chapter without regard to the categories, conditions, standards, or other limitations of §§ 31-1372.02 through 31-1372.09 if, as a result of and after giving effect to the transaction, the aggregate amount of investments held under this subsection would not exceed the lesser of: (A) Ten percent of its admitted assets; or (B) Seventy-five percent of its capital and surplus. (2) An insurer shall not acquire any investment or engage in any investment practice under this subsection if, as a result of and after giving effect to the transaction, the aggregate amount of all investments in any one person held by the insurer under this subsection would exceed 3% of its admitted assets. (c) In addition to the investments acquired under subsections (a) and (b) of this section, an insurer may acquire under this subsection an investment of any kind, or engage in investment practices described in § 31-1372.08, that are not specifically prohibited by this chapter without regard to any limitations of §§ 31-1372.02 through 31-1372.09 if: (1) The Commissioner grants prior approval; (2) The insurer demonstrates that its investments are being made in a prudent manner and that the additional amounts will be invested in a prudent manner; and (3) As a result of and after giving effect to the transaction, the aggregate amount of investments held by the insurer under this subsection does not exceed the greater of: (A) Twenty-five percent of its capital and surplus; or (B) One hundred percent of capital and surplus, less 10% of its admitted assets. (d) An investment prohibited under § 31-1371.05 or § 31-1372.10 or additional derivative instruments acquired under § 31-1372.10 shall not be acquired under this section.  (Apr. 11, 2003, D.C. Law 14-297, § 212, 50 DCR 330.)  Section References This section is referenced in § 31-1371.03.
DC Code § 31-1373.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter III - Fire, Casualty, and Marine Insurers|§ 31-1373.01. Application of subchapter

This subchapter shall apply to the investment and investment practices of domestic fire, casualty, and marine insurers.  (Apr. 11, 2003, D.C. Law 14-297, § 301, 50 DCR 330.)
DC Code § 31-1373.06 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter III - Fire, Casualty, and Marine Insurers|§ 31-1373.06. Equity interests

(a) Subject to the limitations of § 31-1373.03, an insurer may acquire equity interests in business entities organized under the laws of any domestic jurisdiction. (b) An insurer shall not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of investments held by the insurer under this section would exceed the greater of 25% of its admitted assets or 100% of its surplus as regards policyholders. (c) An insurer shall not acquire under this section any investments that the insurer may acquire under § 31-1373.08. (d) An insurer shall not short sell equity investments unless the insurer covers the short sale by owning the equity investment or an unrestricted right to the equity instrument exercisable within 6 months of the short sale.  (Apr. 11, 2003, D.C. Law 14-297, § 306, 50 DCR 330.)  Section References This section is referenced in § 31-1372.05 and § 31-1373.02.
DC Code § 31-1373.07 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter III - Fire, Casualty, and Marine Insurers|§ 31-1373.07. Tangible personal property under lease

(a)(1) Subject to the limitations of § 31-1373.03, an insurer may acquire tangible personal property or equity interests therein, which property or interests are located or used wholly or in part within a domestic jurisdiction, directly or indirectly, through: (A) Limited partnership interests and general partnership interests not otherwise prohibited by section 31-1371.05; (B) Joint ventures; (C) Stock of an investment subsidiary; (D) Membership interests in a limited liability company; (E) Trust certificates; or (F) Other similar instruments. (2) Investments acquired under paragraph (1) of this subsection shall be eligible only if: (A) The property is subject to a lease or other agreement with a person whose rated credit instruments the insurer could acquire under § 31-1373.04 for a price equal to the purchase price of the personal property; and (B) The lease or other agreement provides the insurer the right to receive rental, purchase, or other fixed payments for the use or purchase of the property, and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, shall be at least equal to the cost of the insurer’s investment in the property, plus a return considered adequate by the insurer. (b) The insurer shall compute the amount of each investment under this section on the basis of the cash purchase price and applicable related expenses paid by the insurer for the investment, net of each borrowing made to finance the purchase price and expenses to the extent the borrowing is nonrecourse to the insurer. (c) An insurer shall not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of all investments held by the insurer under this section would exceed: (1) Two percent of its admitted assets; or (2) One half of one percent of its admitted assets as to any single item of tangible personal property. (d) For purposes of determining compliance with the limitations of § 31-1373.03: (1) Investments acquired by an insurer under this section shall be aggregated with those acquired under § 31-1373.04; and (2) Each lessee of the property under a lease referred to in this section shall be deemed the issuer of an obligation in the amount of the investment of the insurer in the property determined as provided under subsection (b) of this section. (e) This section shall not be applicable to a lease of tangible personal property between an insurer and its subsidiaries or affiliates under a cost sharing arrangement or agreement permitted under subchapter I of Chapter 7 of Title 31.  (Apr. 11, 2003, D.C. Law 14-297, § 307, 50 DCR 330.)  Section References This section is referenced in § 31-1373.03.
DC Code § 31-1373.12 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter III - Fire, Casualty, and Marine Insurers|§ 31-1373.12. Additional investment authority

(a) An insurer may acquire under this section investments, or engage in investment practices, of any kind that are not specifically prohibited by this chapter or engage in investment practices without regard to any limitation in §§ 31-1373.03 through 31-1373.10; provided, that an insurer shall not acquire an investment or engage in an investment practice under this section if, as a result of and after giving effect to the transaction, the aggregate amount of the investments held by the insurer under this section would exceed the greater of: (1) Its unrestricted surplus; or (2) The lesser of: (A) Ten percent of its admitted assets; or (B) Fifty percent of its surplus as regards policyholders. (b) An insurer shall not acquire any investment or engage in any investment practice under subsection (a)(2) of this section if, as a result of and after giving effect to the transaction the aggregate amount of all investments in any one person held by the insurer under that subsection would exceed 5% of its admitted assets.  (Apr. 11, 2003, D.C. Law 14-297, § 312, 50 DCR 330.)  Section References This section is referenced in § 31-1371.03 and § 31-1373.02.
DC Code § 31-1375.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13A - Investments of Insurers|Subchapter V - Regulations|§ 31-1375.01. Regulations

The Commissioner may, in accordance with § 2-505, promulgate rules and regulations to carry out the purposes of this chapter.  (Apr. 11, 2003, D.C. Law 14-297, § 501, 50 DCR 330.)  Section References This section is referenced in § 31-1371.02, § 31-1372.10, § 31-1373.11, and § 31-3931.07.
DC Code § 31-1391 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13B - Interstate Insurance Product Regulation Compact|Subchapter I - Authority to enter into Interstate Insurance Product Regulation Compact|§ 31-1391. Authority to enter into Interstate Insurance Product Regulation Compact

(a) In general. — The District of Columbia is authorized to enter into an interstate compact to establish a joint state commission as an instrumentality of the District of Columbia for the purpose of establishing uniform insurance product regulations among the participating States. (b) Delegation. — Any insurance product regulation compact that the Council of the District of Columbia authorizes the Mayor to execute on behalf of the District may contain provisions that delegate the requisite power and authority to the joint State commission to achieve the purposes for which the interstate compact is established.  (Oct. 16, 2006, 120 Stat. 2023, Pub. L. 109-356, § 104.)
DC Code § 31-1392.02 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 13B - Interstate Insurance Product Regulation Compact|Subchapter II - Interstate Insurance Product Regulation Compact|§ 31-1392.02. Commissioner Designated

The Commissioner of the Department of Insurance, Securities, and Banking is designated to serve as the representative of the District to the Interstate Insurance Product Regulation Commission.  (Feb. 22, 2019, D.C. Law 22-213, § 3, 65 DCR 12933.)
DC Code § 31-2501.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter I - Applicability; Definitions|§ 31-2501.01. Short title

This chapter shall be known as the “Fire and Casualty Act.”  (Oct. 9, 1940, 54 Stat. 1063, ch. 792, ch. I, § 1.)  Prior Codifications 1981 Ed., § 35-1501. 1973 Ed., § 35-1301. Section References This section is referenced in § 31-5031.01, § 31-5031.02, and § 31-5031.24.
DC Code § 31-2501.02 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter I - Applicability; Definitions|§ 31-2501.02. Applicability of chapter

All fire, marine, and casualty insurance companies now or hereafter incorporated or formed in the District or authorized to do business in the District, all brokers and all agents and other representatives of such companies shall, to the extent hereinafter provided, be subject to this chapter; provided, that this chapter shall not affect the business of life and title insurance, and shall not affect the right or authority of any solvent company to make contracts of fidelity or surety, and shall not affect a plan under which any person provides pension benefits to his employees.  (Oct. 9, 1940, 54 Stat. 1064, ch. 792, ch. I, § 2.)  Prior Codifications 1981 Ed., § 35-1502. 1973 Ed., § 35-1302.
DC Code § 31-2502.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.01. Records of Commissioner; rules and regulations

(a) The office of the Commissioner shall be a public office, and the records, books, and papers thereof on file therein shall be public records of the District, except as the Commissioner for good reason may decide otherwise, or except as it may be provided otherwise herein. (b) The Commissioner may, in accordance with § 2-505, promulgate reasonable rules and regulations as are necessary to implement the provisions of this chapter.  (Oct. 9, 1940, 54 Stat. 1066, ch. 792, ch. II, § 1; May 21, 1997, D.C. Law 11-268, § 10(r)(2), 44 DCR 1730; Apr. 5, 2005, D.C. Law 15-292, § 2, 52 DCR 1463; Mar. 2, 2007, D.C. Law 16-191, § 53, 53 DCR 6794.)  Prior Codifications 1981 Ed., § 35-1504. 1973 Ed., § 35-1304. Effect of Amendments D.C. Law 15-292 rewrote subsec. (b) which had read: “(b) The Council of the District of Columbia shall have authority to make, and the Commissioner shall have the authority to enforce, such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this chapter.” D.C. Law 16-191 validated a previously made technical correction in (b). Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03. 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 402(277) 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 the District of Columbia Council, subject to the right of the Commissioner as provided in § 406 of the Plan. 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 § 31-2502.04 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.04. Cessation of business

If a company shall cease to do business in the District, it shall thereupon make report to the Commissioner of the taxable premiums collected which have not been reported prior to the date of the cessation of business, and shall forthwith pay to the Collector of Taxes of the District, through the Commissioner, a tax thereon computed according to law. If a company fails or refuses to make such a report or to pay the tax imposed upon it as required by law, it shall be liable to the District for the amount of such taxes, plus a penalty of 8 per centum per month for each month or part thereof during which such taxes remain unpaid.  (Oct. 9, 1940, 54 Stat. 1067, ch. 792, ch. II, § 4; May 21, 1997, D.C. Law 11-268, § 10(r)(2), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-1507. 1973 Ed., § 35-1307. Cross References Exemption of marine insurance from operation of general tax laws, see § 47-2608. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03. Office of Collector of Taxes abolished: See Historical and Statutory Notes following § 31-2502.03.
DC Code § 31-2502.05 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.05. Receivership proceedings. [Repealed]

Repealed.  (Oct. 15, 1993, D.C. Law 10-35, § 59(b), 40 DCR 5773.)  Prior Codifications 1981 Ed., §§ 35-1508 to 35-1510. Temporary Legislation For temporary (225 day) amendment of section, see § 7(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626). Editor's Notes D.C. Law 10-76 and D.C. Law 10-103 purported to amend former § 35-1508 1981 Ed. by rewriting (a)(1)(D). D.C. Law 10-103, § 7(b) ( 41 DCR 1005), eff. April 26, 1994, subsequent to its repeal, amended former § 35-1508(a)(1)(D) 1981 Ed. to read: “(D) Is determined, pursuant to the Standards to Identify Insurance Companies Deemed to be in Hazardous Financial Condition Act of 1993, to be in such condition that further transaction of business by the company will be hazardous to its policyholders, creditors, or the general public;”
DC Code § 31-2502.06 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.06. Receivership proceedings; insolvency; impairment. [Repealed]

Repealed.  (Oct. 15, 1993, D.C. Law 10-35, § 59(b), 40 DCR 5773.)  Prior Codifications 1981 Ed., §§ 35-1508 to 35-1510. Temporary Legislation For temporary (225 day) amendment of section, see § 7(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626). Editor's Notes D.C. Law 10-76 and D.C. Law 10-103 purported to amend former § 35-1508 [1981 Ed.] by rewriting (a)(1)(D). D.C. Law 10-103, § 7(b) ( 41 DCR 1005), eff. April 26, 1994, subsequent to its repeal, amended former § 35-1508(a)(1)(D) [1981 Ed.] to read: “(D) Is determined, pursuant to the Standards to Identify Insurance Companies Deemed to be in Hazardous Financial Condition Act of 1993, to be in such condition that further transaction of business by the company will be hazardous to its policyholders, creditors, or the general public;”
DC Code § 31-2502.07 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.07. Receivership proceedings; insolvency; impairment. [Repealed]

Repealed.  (Oct. 15, 1993, D.C. Law 10-35, § 59(b), 40 DCR 5773.)  Prior Codifications 1981 Ed., §§ 35-1508 to 35-1510. Temporary Legislation For temporary (225 day) amendment of section, see § 7(b) of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626). Editor's Notes D.C. Law 10-76 and D.C. Law 10-103 purported to amend former § 35-1508 [1981 Ed.] by rewriting (a)(1)(D). D.C. Law 10-103, § 7(b) ( 41 DCR 1005), eff. April 26, 1994, subsequent to its repeal, amended former § 35-1508(a)(1)(D) [1981 Ed.] to read: “(D) Is determined, pursuant to the Standards to Identify Insurance Companies Deemed to be in Hazardous Financial Condition Act of 1993, to be in such condition that further transaction of business by the company will be hazardous to its policyholders, creditors, or the general public;”
DC Code § 31-2502.08 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.08. Required annual financial statements. [Repealed]

Repealed.  (Oct. 21, 1993, D.C. Law 10-42, § 7(c), 40 DCR 6020.)  Prior Codifications 1981 Ed., § 35-1511.
DC Code § 31-2502.09 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.09. Making or publishing material false statements

Any director, officer, agent, or employee of any company who subscribes to, makes or concurs in making or publishing any annual or other statement required by law, knowing the same to contain any material statement which is false, shall be fined not more than $5,000 or imprisoned for not more than 5 years, or both.  (Oct. 9, 1940, 54 Stat. 1069, ch. 792, ch. II, § 9.)  Prior Codifications 1981 Ed., § 35-1512. 1973 Ed., § 35-1312.
DC Code § 31-2502.10 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.10. Examinations by Superintendent; violations; acceptance of reports in lieu of examinations. [Repealed]

Repealed.  (Oct. 21, 1993, D.C. Law 10-49, § 9(c), 40 DCR 6110.)  Prior Codifications 1981 Ed., § 35-1513.
DC Code § 31-2502.12 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 25 - Fire, Casualty, and Marine Insurance|Subchapter II - Powers and Duties of the Commissioner|§ 31-2502.12. Limitations on exposure to risks or hazards

No company other than a mutual or reciprocal company doing business in the District shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of the sum of its capital stock and surplus. No mutual or reciprocal company shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of its surplus. No portion of any such risk or hazard which shall have been reinsured in a company authorized to do business in the District shall be included in determining limitation of risk; provided, that the provisions of this section shall not apply to the insurance of workmen’s compensation, employers’ liability, marine, or inland marine risks.  (Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch. II, § 12; Apr. 26, 1994, D.C. Law 10-103, § 3, 41 DCR 1005; Mar. 8, 2007, D.C. Law 16-232, § 202(b), 54 DCR 368.)  Prior Codifications 1981 Ed., § 35-1515. 1973 Ed., § 35-1315. Section References This section is referenced in § 31-2502.02 and § 31-3931.06. Effect of Amendments D.C. Law 16-232 substituted “any one risk or hazard, whether located in the District or outside of the District” for “any 1 risk or hazard in the District”. Cross References Capital and surplus requirements for foreign and alien companies, see § 31-2502.22. Limitation of risk for companies operating on Lloyd’s plan, see § 31-2502.20a. Temporary Legislation For temporary (225 day) amendment of section, see § 3 of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626). Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.