D.C. Code § 31-2701

Current through codified legislation effective April 10, 2024

Section 31-2701 - Definitions

In this chapter, unless the context otherwise requires:

(1) "District" means the District of Columbia.

(2) "Commissioner" means the Commissioner of the Department of Insurance, Securities, and Banking.

(3) "Insurance" includes (but is not limited to) fidelity, surety, and guaranty bonds.

(4) "Company" means any insurer, whether stock, mutual, reciprocal, interinsurer, Lloyd's, or any other form or group of insurers.

(5) "Policy" means an insurance policy or contract as defined by Chapter 25 of this title.

(6) "Agent" means and shall include any individual, copartnership, or corporation acting in the capacity of or licensed as a "policy-writing agent," "soliciting agent," or "salaried company employee" as defined by Chapter 25 of this title.

(7) "Exempt commercial risk" means a person or entity which meets one of the following criteria:

(A) Retains or employs a certified or qualified risk manager to negotiate insurance coverage;

(B) Possesses a net worth in excess of $2 million;

(C) Generates annual revenues in excess of $2 million;

(D) Has at least 10 employees;

(E) Pays annual aggregate country-wide standard insurance premiums in excess of $10,000;

(F) Has total insured property value of at least $2 million; or

(G) Is a nonprofit organization or public body generating annual budgeted expenditures of at least $5 million.

(8) "Medical malpractice insurer" means an insurer licensed to underwrite medical malpractice insurance.

D.C. Code § 31-2701

May 20, 1948, 62 Stat. 242, ch. 324, § 1; May 21, 1997, D.C. Law 11-268, § 10(t), 44 DCR 1730; Apr. 3, 2001, D.C. Law 13-265, § 201, 48 DCR 1225; May 5, 2001, D.C. Law 13-299, § 2(a), 48 DCR 2211; June 25, 2002, D.C. Law 14-153, § 2, 49 DCR 4257; June 11, 2004, D.C. Law 15-166, § 4(p), 51 DCR 2817; Mar. 14, 2007, D.C. Law 16-263, § 101(a), 54 DCR 807.

Department of Insurance abolished: The Department of Insurance, including the Superintendent, was abolished and the functions thereof transferred to the Board of Commissioners of the District of Columbia by Reorganization Plan No. 5 of 1952. Reorganization Order No. 43, dated June 23, 1953, as amended, established, under the direction and control of a Commissioner, a Department of Insurance headed by a Superintendent. The Order provided for the organization of the Department, abolished the previously existing Department of Insurance, and provided that all functions and positions of the previous Department would be transferred to the new Department of Insurance, including the duties, powers, and authorities of all officers and employees; and that all personnel, property, records and unexpended balances relating to the functions and positions transferred would also be transferred to the new Department. The executive functions of the Board of Commissioners were transferred to the Commissioner of the District of Columbia by § 401 of Reorganization Plan No. 3 of 1967. The functions of the Superintendent of Insurance were transferred to the Department of Consumer and Regulatory Affairs by Reorganization Plan No. 1 of 1983, effective March 31, 1983. Pursuant to the provisions of D.C. Law 11-268, the Department of Insurance and Securities Regulation was established and the duties of the Superintendent of Insurance and the Insurance Administration were assumed by the Commissioner of Insurance and Securities and the Insurance Administration in the Department of Consumer and Regulatory Affairs was abolished.

Section 3 of D.C. Law 14-153 provided: "Section 2 shall apply as of May 15, 2001."