Legislation and Rulemakings
On this page, DISB provides links to District of Columbia legislation and rulemakings impacting our agency that were enacted or adopted recently. Please follow the links listed below. (If a pop-up box appears, select cancel to move forward.)
A20-0559: Insurance Holding Company and Credit for Reinsurance Modernization Amendment Act of 2014 (Effective March 11, 2015)
Summary: The act amends the Holding Company System Act of 1993 to impose additional reporting requirements on insurance holding companies regarding information pertaining to subsidiaries of insurers, the acquisition or control of or mergers with domestic insurers, acquisitions involving insurers not otherwise covered, and the registration of insurers, to enhance standards for the management of insurers within a holding company system regarding their enterprise risks and other matters, and to authorize the Mayor to initiate and participate in supervisory colleges; to amend the Law on Credit for Reinsurance Act of 1993 and modernize reinsurance regulation, in coordination with the Federal Dodd-Frank financial services reform legislation, to establish requirements to regulate reinsurers, to grant, suspend, and revoke the accreditations of United States-based reinsurers and certifications of non-United States-based reinsurers for which credit for reinsurance shall be allowed, to establish and publish a list of qualified non-United States domiciliary jurisdictions of assuming insurers, and to receive notice from, and monitor the concentration of risks of, ceding insurers; and to amend Standards to Identify Insurance Companies Deemed to Be in Hazardous Financial Condition Act of 1993 to add additional standards that the Mayor may consider to determine whether an insurance business may be in a hazardous financial condition.
A20-0498: NMLS Conformity Act of 2014 (effective March 7, 2015)
Summary: The act standardizes licensing and registration application requirements using the Nationwide Mortgage Licensing System and Registry (NMLS) for all non-depository financial institutions regulated through the administration of the District of Columbia Banking Code, to require each applicant obtain a unique identifier form and apply through the NMLS, to authorize the Commissioner to waive or modify by rule any of the requirements of this act or other application requirements in the Banking Code and to establish new requirements as needed to participate in the NMLS, to authorize use of the NMLS for criminal history background checks and credit checks as necessary, to allow the Commissioner to share confidential information with specified third parties including the NMLS, to authorize the Commissioner to contract with third parties to collect fees and share information and maintain records, to authorize license renewal and reinstatement periods, to provide for the payment of non-refundable application fees, to provide that the Commissioner shall report Banking Code Violations and enforcement actions to the NMLS, to require the Commissioner to establish an information challenge process for data entered into the NMLS, to provide that the Commissioner may promulgate regulations to implement this act, and to provide that the authority to waive certain requirements shall expire 2 years after the effective date of this act.
A20-0497: Captive Insurance Company Amendment Act of 2014 (effective March 10, 2015)
Summary: The act amends the Captive Insurance Company Act of 2004 to strike references to strike references to segregated accounts, to clarify certain statutory requirements for protected cell captive insurers and protected cells, including with respect to capital and surplus levels and annual reports, to confirm the confidentiality of captive insurers' license application materials and clarify when they may be shared with other regulators and officials, to permit the Commissioner of the Department of Insurance, Securities and Banking to extend or waive the requirement to conduct a financial examination of captive insurers every 5 years upon the satisfaction of specified criteria, and to make the Insurance Trade and Economic Development Amendment Act of 2000 applicable to District-domiciled risk retention groups; and to amend the Risk Retention Act of 1993 to require the filing of quarterly statements by risk retention groups licensed as captive insurers.
A20-0495: District of Columbia Transaction Modernization Electronic Delivery or Posting Act of 2014 (effective March 10, 2015)
Summary: The act authorizes insurers to transmit electronic notices of documents related to insurance and insurance policies under certain circumstances with consent of the recipient and to electronically post property and casualty insurance policies and endorsements where certain conditions are met.
A20-0347: Life and Health Insurance Guaranty Association Consumer Protection Amendment Act of 2013 (effective July 23, 2014)
Summary: The act amends the Life and Health Insurance Guaranty Association Act of 1992 to increase coverage levels for major medical, disability, long-term care, fixed annuity, and structured settlement annuity contracts, and certain retirement benefit plans established under the Internal Revenue Code, to require that the Board of Directors of the District of Columbia Life and Health Insurance Guaranty Association develop policies and procedures for addressing conflicts of interest, including procedures for board members to be removed for cause, to increase the time period in which state court proceedings against an insolvent insurer are stayed from 60 to 180 days, and to make certain other clarifying and conforming amendments.
A20-0339: Underinsured Motorist Carrier Fairness Amendment Act of 2013 (effective July 15, 2014)
Summary: The act amends the Compulsory/No-Fault Motor Vehicle Insurance Act of 1982 to require action by an underinsured motorist insurer when liability insurance is exhausted.
A20-0156: Saving D.C. Homes from Foreclosure Amendment and Title Insurance Clarification Amendment Act of 2013 (effective Nov. 5, 2013)
Summary: The act amends the District of Columbia Saving D.C. Homes from Foreclosure Amendment Act of 2010 (Saving D.C. Homes) and various title insurance acts. Saving D.C. Homes was enacted in recognition of the fact that District of Columbia foreclosure laws did not provide adequate protection for District of Columbia homeowners and the various title insurance acts were enacted to provide consumer protection tools to the Commissioner and the public.
A20-0119: Telehealth Reimbursement Act of 2013 (effective Oct. 17, 2013)
Summary: The act requires private health insurance and Medicaid coverage for services delivered through telehealth.
A20-0095: DC Fire & Casualty Amendment Act of 2013 (effective Sept. 19, 2013)
Summary: The act amends the District of Columbia Fire and Casualty Act to require homeowners insurance companies to clearly state that homeowner’s insurance does not cover all risks and to list the additional optional coverage available to the homeowner; to require the homeowners insurance company to notify applicants that homeowner’s insurance does not cover losses from flood and to explain how flood insurance may be obtained.
B20-797: Federal Health Reform Implementation and Omnibus Amendment Act of 2014
Summary: The purpose of the bill is to grant the Commissioner of the Department of Insurance, Securities and Banking the authority enforce the health insurance market provisions of the Affordable Care Act and implement other provisions, such as establishing rating standards be used by health insurance issuers when setting rates, providing uniform definitions for small and large employers, defining excepted benefits and regulating stop-loss insurance.
ID: 5120938 - Notice of Final Rulemaking on the District of Columbia-Only Securities Offerings Exemption (effective October 24, 2014)
Summary: This final rulemaking creates a new Section 250, entitled District of Columbia-Only Securities Offerings Exemption of Chapter 2 (Registration of Securities Offerings) of Title 26 (Insurance, Securities and Banking), Subtitle B (Securities) of the District of Columbia Municipal Regulations (DCMR). Section 250 establishes a new exemption from registration for issuers of securities who make securities offerings exclusively to residents of the District of Columbia. This new Section 250 sets forth the eligibility requirements for the exemption, outlines conditions that must be met in order to claim the exemption and establishes filing requirements, including a fee. The final rulemaking also amends Section 299 of the Act to provide additional definitions related to the exemption. The Acting Commissioner has determined that this rulemaking is in the public interest, appropriate for the protection of investors, and consistent with the purposes intended by the applicable statutory provisions.
ID:5081071 – Notice of Final Rulemaking – SSBCI Rulemaking (effective September 5, 2014)
Summary: This rulemaking is necessary to implement two (2) new programs, the District of Columbia Loan Participation Program (“Loan Participation Program”) and the District of Columbia Innovation Finance Program (“Innovation Finance Program”), and combine the programs’ regulations in one place with the District of Columbia Collateral Support Program’s (“Collateral Support Program”) regulations. The Collateral Support Program’s regulations are currently in 27 DCMR § 851. All of these regulations will now be in Title 26 of the DCMR.
ID:4966029 – Notice of Final Rulemaking – Amending Foreclosure Mediation Program Rules (effective June 27, 2014)
Summary: This rulemaking is necessary to implement the amendments to Section 539b of the Act made by the Saving D.C. Homes from Foreclosure Clarification and Title Insurance Clarification Amendment Act of 2013, effective November 5, 2013 (D.C. Law 20-40; D.C. Official Code § 42-815.02) (the “2013 Law”). The rules clarify the operation of the foreclosure mediation program (Program) in the Department. The Program assists homeowners and provides, where appropriate, an alternative to foreclosure.
*Pending congressional approval