§ 31-103 — Functions and duties.

District of Columbia § 31-103

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 1: Department of Insurance, Securities, and Banking.
• Subch. I: Establishment of the Department of Insurance, Securities, and Banking.

Text

(a) The functions and duties contained and referenced herein are transferred to the Department and shall be performed by the following major organizational components of the Department.

(1) All duties and responsibilities in respect to the regulation of life and health and property and casualty insurance, insurers, and health maintenance organizations that heretofore have been given to the Mayor, the Superintendent of Insurance, or the Insurance Administrator, by virtue of various District of Columbia laws, shall be assumed by the Commissioner of Insurance and Securities who shall exercise those regulatory responsibilities through the Insurance Bureau.

(2) All functions and duties assigned to the Public Service Commission in Chapter 36 [repealed] of Title 3 and Chapter 37 [repealed] of Title 3, shall be assumed by the Commissioner, who shall exercise those regulatory responsibilities through the Securities and Banking Bureau.

(3) Pursuant to §§ 26-551.03 and 26-551.05 , the Commissioner, through the Securities and Banking Bureau, shall administer the District of Columbia Banking Code, as defined in § 26-551.02(14) .

(b) The Mayor, at his or her discretion, may transfer the regulatory functions and duties of other executive offices and agencies to the Department.

Legislative History

May 21, 1997, D.C. Law 11-268, § 4, 44 DCR 1730; June 11, 2004, D.C. Law 15-166, § 3(c), 51 DCR 2817; Apr. 13, 2005, D.C. Law 15-354, § 40(b), 52 DCR 2638; Sept. 24, 2010, D.C. Law 18-223, § 2112(b), 57 DCR 6242