District of Columbia Code Division V. Local Business Affairs § 31-2501.03. Definitions.
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In this chapter, unless the context otherwise requires:
(1) “District” means District of Columbia.
(2) “Mayor” means the Mayor of the District of Columbia.
(3) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking or the officer or officers, agency or agencies succeeding to his functions under Reorganization Plan No. 5 of 1952.
(4) “Department” means the Department of Insurance of the District of Columbia.
(5) “Company” means an insurance, surety, or indemnity company, and shall be deemed to include a corporation, company, partnership, association, individual, or aggregation of individuals engaging in or proposing or attempting to engage in any kind of insurance, surety, or indemnity business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations.
(6) “Authorized company” means a company which has authority from the Commissioner to do business in the District as provided under § 31-2502.02.
(7) “Unauthorized company” means a company which does not have authority from the Commissioner to do business in the District as provided under § 31-2502.02.
(8) “Domestic company” means a company incorporated or organized under the laws of the District.
(9) “Foreign company” means a company incorporated or organized under the laws of any state of the United States.
(10) “Alien company” means a company incorporated or organized under the laws of any country other than the United States.
(11) “Reciprocal” includes interinsurance exchange.
(12) “Person” includes individuals, corporations, associations, exchanges, and partnerships.
(13) Personal pronouns include all genders; the singular includes the plural and the plural includes the singular.
(14) “Policy” means an insurance policy or contract, including contracts of fidelity and surety, and includes any contract wherein 1 party called the “company,” for a consideration, undertakes to pay money or its equivalent, or to do an act valuable to any other party, upon the happening of the hazard or peril insured against whereby the party insured suffers loss or injury or is subjected to legal liability.
(15) “Officer,” when used to refer to officer of the company, includes an attorney-in-fact.
(16) “Policy-writing agent” means any person who is not a salaried employee of a company, and whose residence or principal place of business is located in the District, and who is authorized in writing by any company authorized to transact business in the District to countersign policies and to solicit, negotiate, or effect contracts of insurance, surety, or indemnity for such company in the District.
(17) “Soliciting agent” means any person who is not a salaried employee of a company and whose residence or principal place of business is located in the District, and who is authorized by a company having authority to transact business in the District, or by a policy-writing agent, to solicit in the District contracts of insurance, surety, or indemnity in behalf of such company or agent.
(18) “Broker” means any person who for a consideration acts or aids in any manner in the solicitation or negotiation on behalf of the assured of contracts of insurance, surety, or indemnity.
(19) “Salaried company employee” means any person regularly employed by an authorized company, and who is paid a regular wage or salary to perform certain duties and functions authorized by such company. For the purposes of this chapter the term “salaried company employee” shall not include employees engaged solely in office duties or in the inspection, rating, or classifying of risks or in the supervision of agents, or any employee not engaged in the solicitation or writing of policies, or officers of companies or associations engaged in the performance of their usual and customary executive duties.
(20) “Surplus” means the excess of admitted assets over liabilities and capital in the case of a company with capital stock, and the excess of admitted assets over liabilities in the case of a company without capital stock.
(21) “Liabilities” means all debts due or to become due, contingent or otherwise, of which the company has knowledge, and includes the reserves required by this chapter.
(22) “Admitted assets” includes the investments authorized or permitted pursuant to the National Association of Insurance Commissioners Accounting Practices Manual.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-2501.03. Definitions. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-2501-03/
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