(a) In addition to any other required loss reserve certification, the controlled insurer shall annually, on April 1 of each year, file with the Mayor an opinion of an independent casualty actuary, or any other independent loss reserve specialist acceptable to the Mayor reporting loss reserve for each line of business written and attesting to the adequacy of loss reserves established for losses incurred and outstanding as of year-end, including that incurred, but not reported, on business placed by the producer.
(b) The controlled insurer shall annually report to the Mayor the amount of commissions paid to the producer, the percentage the amount represents of the net premiums written, and comparable amounts and percentage paid to noncontrolling producers for placements of the same kinds of insurance.
CREDIT(S)
(Oct. 21, 1993, D.C. Law 10-52, § 7, 40 DCR 6129; Apr. 26, 1994, D.C. Law 10-103, § 9, 41 DCR 1005.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-4006.
Temporary Amendments of Section
For temporary (225 day) amendment of section, see § 9 of the Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17 1994, law notification 41 DCR 1626).
Legislative History of Laws
For legislative history of D.C. Law 10-52, see Historical and Statutory Notes following § 31-401.
Law 10-103, the “Insurance Omnibus Amendment Act of 1994,” was introduced in Council and assigned Bill No. 10-394, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on January 4, 1994, and February 1, 1994, respectively. Signed by the Mayor on February 17, 1994, it was assigned Act No. 10-191 and transmitted to both Houses of Congress for its review. D.C. Law 10-103 became effective on April 26, 1994.