District of Columbia § 31-401 Definitions.

District of Columbia Statutes

§ 31-401 — Definitions.

District of Columbia·Title 31 Insurance and Securities.·Ch. 4 Business Transacted with Producer Controlled Insurer.

For the purposes of this chapter, the term:

(1)“Accredited state” means a jurisdiction in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (“NAIC”).

(2)“Captive insurers” means insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members and their affiliates. (2A) “Commissioner” means the Commissioner of Insurance and Securities [Commissioner of the Department o

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For the purposes of this chapter, the term:

(1) “Accredited state” means a jurisdiction in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (“NAIC”).

(2) “Captive insurers” means insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members and their affiliates.

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

(3) “Control” or “controlled” has the meaning ascribed in § 31-701(2) .

(4) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer.

(5) “Controlling producer” means a producer who, directly or indirectly, controls an insurer.

(6) “Holding company system” has the meaning ascribed in § 31-701(4) .

(7) “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property/casualty insurance business in the District of Columbia. The following, inter alia, are not licensed insurers for the purposes of this chapter:

(A) All risk retention groups as defined in the Superfund Amendments and Reauthorization Act of 1986 (42 U.S.C. § 9601 et seq.), the Product Liability Risk Retention Act of 1981 (15 U.S.C. § 3901 et seq.), and § 31-4101 ;

(B) All residual market pools and joint underwriting authorities or associations; and

(C) All captive insurers.

(8) “Producer” means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such a person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.

(9) Repealed.

District of Columbia § 31-401 (Definitions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.