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Department of Insurance, Securities and Banking
 

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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.)

Enacted Legislation:

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.

A20-0347: 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.

Pending Legislation:

N/A

Final Rulemakings:

ID:N0071745 – Notice of Final Rulemaking – Student Loan Servicers (effective August 10, 2018)
Summary: This rulemaking creates a new Chapter 30 (Student Loan Servicers), of Title 26 (Insurance, Securities, and Banking), Subtitle C (Banking and Financial Institutions), of the District of Columbia Municipal Regulations (DCMR). The chapter is intended to clarify and implement the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016 so that the provisions of the act may be best effectuated and the public interest most effectively served. The rules provide the necessary framework for the Student Loan Ombudsman and DISB to ensure that borrower interactions with their servicers are marked by professionalism and efficiency.

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.

Proposed Rulemakings:

None at this time.

Emergency and Proposed Rulemakings:

Emergency Rulemakings:

View final rulemakings that were adopted.

To view legislation that has been enacted, choose from the links below.

*Pending congressional approval