§ 31-2701 — Definitions.

District of Columbia § 31-2701

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 27: Regulation of Casualty and Other Insurance Rates.

Text

In this chapter, unless the context otherwise requires:

(1) “District” means the District of Columbia.

(2) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking.

(3) “Insurance” includes (but is not limited to) fidelity, surety, and guaranty bonds.

(4) “Company” means any insurer, whether stock, mutual, reciprocal, interinsurer, Lloyd’s, or any other form or group of insurers.

(5) “Policy” means an insurance policy or contract as defined by Chapter 25 of this title .

(6) “Agent” means and shall include any individual, copartnership, or corporation acting in the capacity of or licensed as a “policy-writing agent,” “soliciting agent,” or “salaried company employee” as defined by Chapter 25 of this title .

(7) “Exempt commercial risk” means a person or entity which meets one of the following criteria:

(A) Retains or employs a certified or qualified risk manager to negotiate insurance coverage;

(B) Possesses a net worth in excess of $2 million;

(C) Generates annual revenues in excess of $2 million;

(D) Has at least 10 employees;

(E) Pays annual aggregate country-wide standard insurance premiums in excess of $10,000;

(F) Has total insured property value of at least $2 million; or

(G) Is a nonprofit organization or public body generating annual budgeted expenditures of at least $5 million.

(8) “Medical malpractice insurer” means an insurer licensed to underwrite medical malpractice insurance.

Legislative History

May 20, 1948, 62 Stat. 242, ch. 324, § 1; May 21, 1997, D.C. Law 11-268, § 10(t), 44 DCR 1730; Apr. 3, 2001, D.C. Law 13-265, § 201, 48 DCR 1225; May 5, 2001, D.C. Law 13-299, § 2(a), 48 DCR 2211; June 25, 2002, D.C. Law 14-153, § 2, 49 DCR 4257; June 11, 2004, D.C. Law 15-166, § 4(p), 51 DCR 2817; Mar. 14, 2007, D.C. Law 16-263, § 101(a), 54 DCR 807