§ 31-2502.19 — Exclusive agency contracts of domestic companies.

District of Columbia § 31-2502.19

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 25: Fire, Casualty, and Marine Insurance.
• Subch. II: Powers and Duties of the Commissioner.

Text

No domestic company authorized to do an insurance business in the District shall have or make any contract with any person whereby such person is granted the exclusive right or privilege to solicit, procure, write, produce, or manage the entire insurance business of such company, or to collect premiums therefor, unless such contract is filed with and approved in writing by the Commissioner. The Commissioner shall not approve any such contract which:

(1) Subjects the company to excessive charges for expenses or commissions; or

(2) Gives to such person the right to manage any of the affairs of such company or the exclusive right to solicit, procure, write, or produce the entire insurance business for such company, or to collect the premiums therefor for such unreasonable period as may jeopardize the interests or security of the company’s policyholders.

Legislative History

Oct. 9, 1940, 54 Stat. 1073, ch. 792, ch. II, § 19; May 21, 1997, D.C. Law 11-268, § 10(r)(2), 44 DCR 1730