District of Columbia Statutes
§ 31-1504 — Duties of insurers.
(a)The insurer shall have on file an independent financial examination, in a form acceptable to the Mayor, of each managing general agent with which it has done business.
(b)If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification.
(c)The insurer shall periodically (at least semiannually) conduct an on-site review of the underwriting and claims processing operations of the managing general agent.
(d)Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with
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Legislative History
Oct. 21, 1993, D.C. Law 10-41, § 5, 40 DCR 6014; May 16, 1995, D.C. Law 10-255, § 29(c), 41 DCR 5193
Nearby Sections
15
§ 31-1001
Report requirement.§ 31-1004
Confidentiality.§ 31-101
Definitions.§ 31-103
Functions and duties.§ 31-105
Transfers.§ 31-106
Organization.§ 31-106.01
Student Loan Ombudsman.§ 31-106.02a
Prohibited conduct – student loan servicers.§ 31-106.02b
Affirmative duties – student loan servicers.§ 31-106.02c
Prohibited acts – private education lenders.