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Financial Examinations
District of Columbia Official Code, Title 31, Chapter 14, § 31-1404, authorizes the Commissioner to conduct financial examinations of each insurer licensed in the District of Columbia as often as deemed appropriate, but not less than every five years.
The Financial Examination staff performs field examinations at the insurers' home and branch offices in the District of Columbia or in other jurisdictions. The examinations may be routine scheduled reviews to assess the financial condition of insurers or limited to one or more areas of specific financial or regulatory concern. Upon completion of each examination, a report on the examiners' findings is compiled. These reports are generally made public ten days after adoption by the Commissioner.
The Commissioner is the regulator primarily responsible for the periodic financial examination of insurers "domiciled" in the District of Columbia. These companies may be licensed in additional jurisdictions, but have chosen the District of Columbia as the domiciliary jurisdiction.
While the Commissioner has the authority to examine other companies licensed in the District of Columbia, but domiciled in other jurisdictions, the Commissioner is not the regulator primarily responsible for the periodic financial examination of these companies and does not routinely conduct financial examinations of these companies. Rather, the Commissioner of the domestic jurisdiction is the regulator primarily responsible for the financial examination of these companies and the District of Columbia Commissioner relies on the financial examinations performed by the domestic regulator.
Final examination reports are posted beginning with those adopted as final on or after October 1, 2005. Reports adopted prior to October 1, 2005, must be requested from the FOIA Officer.
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