(a) On and after the first day of September 1937, every domestic, foreign, or alien company organized as a stock, mutual, reciprocal, Lloyd's fraternal, or any other type of insurance company or association, before issuing contracts of insurance against loss of life or health, or by fire, marine, accident, casualty, fidelity and surety, title guaranty, or other hazard not contrary to public policy, shall obtain from the Commissioner of Insurance and Securities of the District of Columbia an annual license or certificate of authority, upon payment of a fee of $100 per year or fraction thereof to the District of Columbia and collected by the Commissioner of Insurance and Securities. All licenses for insurance companies who may apply for permission to do business in the District of Columbia shall date from the first of the month in which application is made, and expire on the 30th day of April following.
(b) Any license issued pursuant to this chapter shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of this title.
CREDIT(S)
(Aug. 17, 1937, 50 Stat. 675, ch. 690, title II, § 1; Feb. 23, 1980, D.C. Law 3-52, § 7, 27 DCR 26; renumbered as § 3 and amended, Sept. 26, 1984, D.C. Law 5-113, § 401, 31 DCR 3974; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; May 21, 1997, D.C. Law 11-268, § 10(jj), 44 DCR 1730; Apr. 20, 1999, D.C. Law 12-261, § 2003(pp)(4), 46 DCR 3142; Oct. 28, 2003, D.C. Law 15-38, § 3(hh)(2), 50 DCR 6913.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-2603.
1973 Ed., § 47-1801.
Effect of Amendments
D.C. Law 15-38, in subsec. (b), substituted “Financial Services endorsement to a basic business license under the basic” for “Class A Financial Services endorsement to a master business license under the master”.
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 3(hh)(2) of Streamlining Regulation Emergency Act of 2003 (D.C. Act 15-145, August 11, 2003, 50 DCR 6896).
Legislative History of Laws
Law 3-52, the “District of Columbia Insurance Act Amendments of 1979,” was introduced in Council and assigned Bill No. 3-53, which was referred to the Committee on Public Services and Consumer Affairs. The Bill was adopted on first and second readings on November 20, 1979, and December 4, 1979, respectively. Signed by the Mayor on December 21, 1979, it was assigned Act No. 3-142 and transmitted to both Houses of Congress for its review.
For legislative history of D.C. Law 5-113, see Historical and Statutory Notes following § 47-2601.
Law 11-268, the “Department of Insurance and Securities Regulation Establishment Act of 1996,” was introduced in Council and assigned Bill No. 11-415, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 7, 1996, and December 3, 1996, respectively. Signed by the Mayor on December 30, 1996, it was assigned Act No. 11-524 and transmitted to both Houses of Congress for its review. D.C. Law 11-268 became effective on May 21, 1997.
Law 12-261, the “Second Omnibus Regulatory Reform Amendment Act of 1998,” was introduced in Council and assigned Bill No. 12-845, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on December 1, 1998, and December 15, 1998, respectively. Signed by the Mayor on December 31, 1998, it was assigned Act No. 12-615 and transmitted to both Houses of Congress for its review. D.C. Law 12-261 became effective on April 20, 1999.
For Law 15-38, see notes following § 47-2404.
Miscellaneous Notes
Department of Insurance abolished: The Department of Insurance, including the Superintendent, was abolished and the functions thereof transferred to the Board of Commissioners of the District of Columbia by Reorganization Plan No. 5 of 1952. Reorganization Order No. 43, dated June 23, 1953, as amended, established under the direction and control of a Commissioner, a Department of Insurance headed by a Superintendent. The Order provided for the organization of the Department, abolished the previously existing Department of Insurance, and provided that all functions and positions of the previous Department would be transferred to the new Department of Insurance, including the duties, powers, and authorities of all officers and employees, and that all personnel, property, records and unexpended balances relating to the functions and positions transferred would also be transferred to the new Department. This Order was issued pursuant to Reorganization Plan No. 5 of 1952. The executive functions of the Board of Commissioners were transferred to the Commissioner of the District of Columbia by § 401 of Reorganization Plan No. 3 of 1967. Pursuant to the provisions of D.C. Law 11- (Act 11-524), the Department of Insurance and Securities Regulation was established and the duties of the Superintendent of Insurance and the Insurance Administration were assumed by the Commissioner of Insurance and Securities, and the Insurance Administration in the Department of Consumer and Regulatory Affairs was abolished. Pursuant to the provisions of D.C. Law 11- (Act 11-524), the Department of Insurance and Securities Regulation was established and the duties of the Superintendent of Insurance and the Insurance Administration were assumed by the Commissioner of Insurance and Securities and the Insurance Administration in the Department of Consumer and Regulatory Affairs was abolished.
Mayor authorized to issue rules: See notes to § 47-2601.