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disb

Department of Insurance, Securities and Banking

Divisions

DISB is comprised of the following Divisions:

Office of the Commissioner

The Office of the Commissioner:

  • Oversees the regulation of the insurance, securities and banking industry in the District of Columbia under its statutory authority;
  • Reviews and evaluates Departmental performance;
  • Leads the Department's planning and implementation process; and
  • Exercises its statutory authority by ensuring that each Office/Bureau/Division carries out its functions effectively and efficiently.

The Commissioner:

  • Identifies emerging trends in the insurance, securities and banking industries and recommends changes in policy and administrative practices to address these issues;
  • Provides support, coordination and advisory functions to the Insurance, Securities, Banking, and Risk Finance Bureaus; and the Compliance Analysis, Enforcement and Consumer Protection, and Market Examinations Divisions; and
  • Attends and participates in meetings for the National Association of Insurance Commissioners and other insurance, securities and banking regulatory organizations.

Office of Market Operations

Insurance Division

Risk Finance Division

Securities Division

Banking Division

Insurance Division 

Philip Barlow, Associate Commissioner for Insurance

The DISB Insurance Bureau:

  • Conducts on-site financial examinations on all domiciled insurance companies and monitors the financial solvency of insurance companies doing business in the District of Columbia;
  • Issues licenses to insurance companies, insurance producers and health maintenance organizations, and mediates disputes between consumers and insurance industry;
  • Handles issues relating to the review and approval of rates and policy forms of insurance products marketed in the District of Columbia;
  • Performs on-site examinations on the underwriting, policyholder service, claims, marketing, producer licensing and compliant handling processes of licensed companies to determine compliance with District of Columbia laws and industry practices; and
  • Monitors the activities of health maintenance organizations to determine compliance with pertinent District of Columbia and federal laws.

The Insurance Bureau consists of two offices and five divisions:

  • Office of the Insurance Associate Commissioner
  • Financial Examination Division
  • Property & Casualty Actuarial Division
  • Insurance Products Division
  • Agent, Broker and Insurer Licensing Division
  • Health Actuarial Division
  • Office of Health Insurance Policy

Office of the Insurance Associate Commissioner

  • Oversees the daily operations of the Insurance Bureau;
  • Plans and directs, in conjunction with the Insurance managers, a refined and well-coordinated insurance regulatory program;
  • Makes final determination on the licensing status of regulated entities; and
  • Recommends programs and courses to develop and train subordinates, evaluates subordinates, recommends promotions and reassignments.

Financial Examination Division:

  • Ensures that all licensed insurance companies, health maintenance organizations and continuing care retirement communities have sufficient capital and surplus to meet the requirements of District of Columbia law.

Financial Examination Division has two branches:

  • Financial Surveillance Branch
  • Financial Examination Branch

Financial Surveillance Branch:

  • Performs analysis and reviews on the annual and quarterly statutory financial statements filed by domestic insurance companies, health maintenance organizations and continuing care retirement communities to determine compliance with District of Columbia laws, regulations, accounting standards and filing requirements;
  • Performs reviews of the audited financial statements, Management, Discussion and Analysis Statements, Actuarial Opinions, Risk Based Capital filings, holding company registration statements and SEC information for public companies;
  • Evaluate proposed affiliated transactions including documentation regarding the acquisition or merger with a domestic insurer and prior notice of a material transaction;
  • Reviews financial information, ratios and disclosures in order to monitor solvency and assess risks to determine priority ratings, identify adverse findings and to recommend regulatory action; and
  • Evaluates the financial condition of foreign and alien companies seeking to operate in the District of Columbia.

Financial Examination Branch:

  • Conducts financial examinations of domestic insurance companies, health maintenance organizations and continuing care retirement communities to ensure that entities doing insurance business in the District of Columbia are in compliance with its insurance laws, regulations and statutory accounting principles;
  • Prioritizes companies for examination, prepares and reviews planning and examination work papers, and prepares examination reports in accordance with District of Columbia statutes and NAIC Examination Procedures; and
  • Identifies adverse findings and recommends regulatory action.

Property & Casualty Actuarial Division:

  • Analyzes rating rules, rate manuals and rating schedules issued by insurance companies;
  • Conducts actuarial and statistical analysis for the proper analysis of rate increase requests, and maintains a database for claims and investment experience;
  • Performs reviews on the actuarial opinions provided by domestic companies;
  • Assists the Financial Examination Division during the examination process by evaluating the loss and loss reserve methodology used by the company;
  • Prepares an analysis report of the premium rates charged by automobile liability insurance companies in our jurisdiction; and
  • Prepares reports as requested on all lines of business underwritten in the District.

Insurance Products Division:

  • Analyzes rate and policy forms pertaining to approximately twenty-nine (29) lines of insurance to determine compliance with D.C. statutes;
  • Performs on-site examinations and analyses of licensed insurance companies, health maintenance organizations and insurance producers;
  • Conducts examinations of premium finance companies and surplus line brokers to ensure compliance with D.C. Code; and
  • Determines if Free Clinics located in the District of Columbia meet the requirements for liability coverage assistance outlined in the Free Clinic Assistance Program.
  • Reviews all types of insurance and health maintenance organizations policy forms and actuarial memoranda to determine whether they conform to D.C. insurance laws and regulations;
  • Administers the statutory requirements concerning the prohibition of discrimination based on AIDS;
  • Determines if the nonforfeiture benefits and cash surrender values of life insurance policies meet the minimum statutory standards; and
  • Enforces the flesh reading scores requirements on all insurance policy forms.

Producer and Insurer Licensing:

  • Governs the licensing of insurance companies, fraternal benefit organizations, insurance producers, insurance agencies and Premium Finance Companies, Continuing Care Retirement Facilities, as well as Health Maintenance Organizations operating in the District of Columbia;
  • Administers written examinations to candidates for bail bondsmen and public insurance adjusters; oversees the administration of producer licensure examinations;
  • Maintains and updates the licensing database;
  • Registers foreign risk retention and domestic and foreign purchasing groups pursuant to the Liability Risk Retention Act of 1986;
  • Regulates service contracts and registers Service Contract Providers in pursuant to the Service Contract Regulation Act of 2018;
  • Provides licenses to Managing General Agents and Reinsurance Intermediaries;
  • Plans and implements the comprehensive pre-licensing and continuing education programs for insurance producers; and
  • Establishes requirements and review and processes applications for continuing education providers.

Health Actuarial Division:

  • Analyzes rating rules, rate manuals and rating schedules issued by health insurers and health maintenance organizations;
  • Conducts actuarial and statistical analysis for the proper analysis of rate increase requests, and maintains a database for claims and investment experience;
  • Performs reviews on the actuarial opinions provided by health insurance providers;
  • Ensures that all applicable health filings are in compliance with the Patient Protection Affordable Care Act or PPACA standards;
  • Assists other internal departments within the agency on matters involving insurance rates;
  • Administers the department’s health insurance rate review process;
  • Responds to public correspondence on received health insurance rate filings; and
  • Prepares reports as requested on all lines of health insurance underwritten in the District.

Office of Health Insurance Policy:

  • Develops policy recommendations for the Mayor’s Health Reform Implementation Committee (HRIC) as well as the D.C. Health Benefit Exchange Executive Board pursuant to enactment of the Affordable Care Act;
  • Enforces rate making regulations and prohibitions on underwriting enacted in 2011 pursuant to the federal health reform act; and
  • Works closely with the Health Care Reform and Innovation Administration (HCRIA) within the Department of Health Care Finance to coordinate implementation of the D.C. Health Benefit Exchange insurance marketplace.

Risk Finance Division

Dana Sheppard, Associate Commissioner for Risk Finance

The Risk Finance Bureau regulates captive insurance companies, risk retention groups, and other kinds of non-traditional risk transfer mechanisms that operate in or from the District of Columbia. DISB licenses qualified institutions, performs financial analyses, and conducts regular financial examinations to ensure fiscal stability. DISB provides practical and innovative regulatory responses in a timely manner to captive insurance companies and other risk finance organizations seeking to establish operations or transact business in the District.

Securities Division

Stephen Bouchard, Associate Commissioner for Securities

The Securities Bureau:

  • Regulates securities professionals in the District of Columbia;
  • Licenses broker-dealer firms and their agents, agents of issuers, and investment advisers and their representatives;
  • Protects investor/consumers by enforcing the legal requirements applicable to securities entities and representatives operating in the District;
  • Conducts investor education through outreach activities in the community; and
  • Is a member of the North American Securities Administrators Association Inc. also known as NASAA. The association is the voice of state securities agencies responsible for grass-roots investor protection and efficient capital formation.

The Securities Bureau has one office and three divisions:

  • Office of Securities Associate Commissioner
  • Licensing Division
  • Corporate Finance Division
  • Examinations Division

Office of Securities Associate Commissioner:

  • Oversees the daily operations of the Securities Bureau;
  • Plans and directs a refined and well-coordinated securities regulatory program;
  • Makes final determinations on the licensing status of regulated securities entities and individuals;
  • Plans and maintains creative outreach programs to meet the informational needs of DC investors; and
  • Recommends securities programs and courses to develop and train Securities Bureau personnel.

Licensing Division:

  • Administers the licensing requirements applicable to investment advisers, investment adviser representatives, broker-dealers and broker-dealer agents, and agents of issuers operating in the District of Columbia; and
  • Monitors the Continuing Education program applicable to licensed securities professionals.

Corporation Finance Division:

  • Administers registration filings and notice filings of securities offerings; and
  • Reviews and analyzes financial statements of issuers to achieve full disclosure in DC-registered securities offerings.

Examinations Division

  • Conducts on-site inspections of investment advisers and broker-dealers to ensure compliance with applicable rules and statutes;
  • Investigates and resolves complaints regarding allegations of misconduct by Securities Professionals operating in the District of Columbia; and
  • Refers suspected illegal activities to the Enforcement and Consumer Protection Division for investigation.

Banking Division

Samuel Fuller, Associate Commissioner for Banking

The Banking Bureau regulates District of Columbia chartered banks, credit union and trust companies, District of Columbia licensed mortgage lenders and brokers, District of Columbia licensed consumer Finance Companies. The Banking Bureau also regulates non-depository financial institutions/money services businesses (MSB’s) such as check cashers, money lenders, and money transmitters that operate in the District of Columbia. The Banking Bureau’s regulatory activities include, but are not limited to the following:

The Banking Bureau consists of the following:

  • Office of the Associate Commissioner for Banking
  • Examinations Division
  • Licensing Division

Office of the Associate Commissioner for Banking:

  • Manages the daily operations of the Banking Bureau;
  • Supervises Market Services Programs which include Foreclosure Mediation, the District’s State Small Business Credit Initiative (SSBCI) and the Student Loan Ombudsman;
  • Reviews and responds to consumer complaints regarding banks and non-depository financial institutions to determine compliance with District of Columbia laws and regulations;
  • Plans and directs bank and non-depository regulatory programs; and
  • Assists with staff development by recommending training courses and conferences for Banking Bureau staff.

The Examination Division:

  • Reviews applications for District bank charters, branches, mergers, and other activities of District depository financial institutions
  • Examines District chartered banks for safety and soundness as well as compliance with established laws and regulations
  • Examines District licensed non-depository financial institutions/money services businesses (MSB’s) for safety and soundness and compliance with established laws and regulations
  • Works with federal and state bank supervisory agencies on matters of mutual interest; and
  • Reviews banking law and regulation to determine applicability to District chartered and licensed institutions.

The Licensing Division:

  • Reviews license applications for non-depository financial institutions including check cashers, consumer credit service organizations, money lenders, money transmitters, mortgage brokers and lenders, and consumer sales finance companies;
  • Maintains and updates the non-depository licensing database, the Nationwide Multistate Licensing System (NMLS);
  • Reviews annual reports received from mortgage brokers and lenders and prepares annual assessments
  • Processes ATM registrations and fees for non-bank ATM operators; and
  • Responds to consumer and industry licensing inquiries and provides guidance as needed.

Office of the Deputy Commissioner for Market Compliance

Sharon Shipp, Deputy Commissioner for Market Compliance

The Deputy Commissioner:

  • Provides the technical and administrative authority over the Department's Insurance Division and Risk Finance Division;
  • Provides the technical and administrative authority over the Department's compliance areas, Compliance Analysis Division, Enforcement and Consumer Protection Division, and Market Examinations Division;
  • Develops quantitative and qualitative measures for evaluating the performance standards of subordinate employees; and
  • Plans work to be performed by subordinates — sets priorities and prepares schedules for completion of work.

Compliance and Analysis Division  (CAD)

Philip Edmonds, Director

  • Provides strategic direction, supervision, and governance of the daily operations of the Compliance and Analysis Division (CAD);
  • Plans and directs, in conjunction with CAD managers, a well-coordinated regulatory monitoring program;
  • Establishes goals and priorities of the CAD, oversees CAD’s special projects and the administration of the D.C. Uninsured Motorist Fund; 
  • Recommends programs and courses to develop and train CAD personnel;
  • Conducts financial education opportunities to increase the public's awareness of insurance, securities and banking fraud;
  • Plans and maintains DISB’s creative outreach programs to meet the informational needs of D.C. constituents; and
  • Engages with outside regulatory entities including NAIC, NASAA and other stakeholders and coordinates collaborative state insurance regulatory actions.

The Compliance and Analysis Division consists of two divisions:

The Market Conduct Examination Division

  • Develops research and analysis of industry sectors to establish “best practices” standards and guidelines for design, delivery, and results monitoring of financial products and services; and
  • Coordinates information from Market Examinations Division with the Bureaus to identify and define key market factors that drive changes in each industry sector.

The Consumer Services Division

  • Reviews consumer complaints regarding financial institutions and firms operating in the District to determine compliance with District of Columbia laws and regulations;
  • Conducts analysis and investigates matters regarding consumer issues, such as claim disputes, cancellation or non-renewal of insurance policies, improper insurance producer conduct and uninsured motorist fund claims, complaints regarding allegations of misconduct by securities professionals operating in the District of Columbia and complaints regarding banks and non-depository financial institutions to determine compliance with District of Columbia laws and regulations; and
  • Refers suspected illegal activities to the Enforcement and Consumer Protection Division for investigation.

Enforcement and Consumer Protection Division

Brian Bressman, Director for Enforcement

The Enforcement and Consumer Protection Division:

Market Examinations Division

Vacant, Director Market Examinations

The Market Examinations Division:

  • Conducts on-site examinations of all domiciled insurance companies, inspections of investment advisers and broker-dealers, District-chartered banks and non-depository financial services institutions doing business in the District of Columbia;
  • Prioritizes companies for examination or inspection of financial records, prepares and reviews planning and examination work papers, and prepares examination reports in accordance with District of Columbia statutes and appropriate industry examination procedures; and,
  • Monitors the solvency of financial firms doing business in the District of Columbia.

Office of General Counsel

Jocelyn C. Bramble, General Counsel

The Office of the General Counsel:

  • Administers Freedom of Information Act (FOIA) requests on behalf of the Department; and
  • Conducts legal research and prepares legal guidance pertaining to general law, Ethics and Human Resources related matters.
  • Provides legal guidance on insurance, securities and banking issues to the Department as well as District of Columbia regulated entities and consumers;
  • Drafts laws and regulations addressing insurance, securities and banking issues;
  • Negotiates and/or drafts settlement agreements, administrative bulletins, consent orders, administrative orders, rules, adjudicatory petitions, responses to motions, legal memorandums and briefs;
  • Develops charges and specifications relative to the denial, suspension and revocation of companies and insurance producers;
  • Conducts legal research on issues related to insurance, securities and banking;
  • Represents consumers and the Department before the Office of Adjudication, the Commissioner of Insurance, Securities and Banking or his designee during administrative proceedings; and
  • Participates in administrative hearings and recommends decisions and orders to the Commissioner.

Office of the Chief of Staff

Office of the Chief of Staff

Dolly Turner, Chief of Staff

  • Supports all program areas, as directed by the Commissioner, pertaining to agency operations, intergovernmental cross-cutting initiatives, performance management, and provides support for overall policy development;
  • Provides administrative authority over the Department’s Office of Financial Empowerment and Education;
  • Manages the Policy Advisor in the agency’s legislative and rulemaking priorities, and interaction with the Council of the District of Columbia;
  • Oversees the Department’s Hearing Officer, which manages the regulatory adjudication and other administrative proceedings for the Department;
  • Supervises the agency’s DEI efforts including initiatives with DISB’s Financial Services Academy; and
  • Manages DC REACh (Roundtable for Economic Access and Change) partnership with the U.S. Treasury’s Office of the Comptroller of the Currency.

Office of Financial Empowerment and Education

Michelle Hammonds, Director

The OFEE oversees the following programs:

  • Bank On DC- A collaborative effort of the DC Government, financial institutions, and non-profit organizations to provide access to safe and affordable banking products and services.
  • Financially Fit DC- Financially Fit DC is a financial wellness initiative developed to encourage all District of Columbia residents, to take control of their financial well-being and to make DC the most financially fit city in the nation.
  • EITC DC Campaign- Promoting free tax preparation services and the Earned Income Tax Credit for low- to moderate income workers.
  • The DC Financial Literacy Council- The District of Columbia Financial Literacy Council (DCFLC) was established by the DC Council through enactment of the Financial Literacy Establishment Act of 2008. The purpose of the council is to assist and advise the Mayor and the DC Council in promoting the financial literacy of the city’s residents.
  • Opportunity Accounts – A matched savings program to support District residents in building savings habits to provide stability and resiliency. 

Office of Communications

Arthur Swift, Chief Communications Officer

The Office of Communications:

  • Manages the Department’s branding initiatives, marketing and advertising efforts
  • Handles media relations and press inquiries
  • Manages social media platforms including Twitter, Facebook, Instagram and YouTube
  • Produces digital and print publications to promote the Department’s programs and services
  • Coordinates events and sponsorships
  • Assists in website management

Office of the Agency Fiscal Officer

Dereje Belay, Controller

Office of the Agency Fiscal Officer:

  • Provides overall general financial support to the Department including budgeting, short term planning, forecasting, and procurement services, accounting operations and payroll activities; and
  • Administers the District of Columbia Insurance Bureau and Health Division assessment programs.

Office of Policy, Planning and Administration

Katrice Purdie, Chief of Policy and Administration

The Office of Policy, Planning and Administration (OPPA):

  • Provides the technical and administrative authority over the Department's management, which includes agency performance, organizational and financial planning, policy analysis, risk management, and fiscal administration;
  • Develops and maintains relevant databases;
  • Assists management in the development of strategies to support the Department’s priorities, plans and assessments;
  • Develops quantitative and qualitative measures for evaluating the performance standards of all employees;
  • Plans work to be performed by OPPA Staff — sets priorities and prepares schedules for completion of work; and
  • Coordinates the Department’s Summer Youth Employee Program and other special District projects assigned.

The Office of Policy, Planning and Administration consists of three offices:

The Office of Administrative Services:

  • Provides management, administrative and program planning services to the Department;
  • Provides procurement coordination, supply management, inventory control, space utilization, telephone and other equipment installation and limited transportation services;
  • Serves as the Department's liaison with the DC Procurement Office to coordinate, order, receive and inventory supplies, equipment and services;
  • Acts as the Department's Fleet Service Coordinator;
  • Undertakes special studies dealing with administrative problems;
  • Coordinates matters related to building maintenance; and
  • Provides clerical and administrative services to the Department.

The Human Resources Division:

  • Provides management, administrative and employment planning services to the Department;
  • Serves as the Department's liaison with the District’s Human Resources Department to coordinate the agency’s employment processes;
  • Serves as the coordinator of the Department’s employee wellness initiatives;
  • Coordinates the Department’s employee compensation and benefits systems; and
  • Troubleshoots employment and compensation matters including credentialing services for the Department’s offices, bureaus, and divisions.

The Office of Technology and Systems:

  • Provides network administration and support of the Department's computer system and develops workflow management and analysis for the Department;
  • Operates and maintains the Department's computer and computer related equipment;
  • Ensures systems compatibility between the Local Area Network (LAN) and various equipment and software configurations being utilized by the Department's user community and the District's Wide Area Network through The Supervisory Computer Specialist;
  • Reviews and assigns numeric classifications to incoming materials including mail, publication directives, facsimiles, and other electronic communications;
  • Develops and maintains a process for electronically providing documents to the appropriate Office/Division within the Department; and
  • Performs searches for records and serves as the Department's Record Retention Coordinator, which identifies and categorizes all documents retained by the Department.