Skip to main content
Find a Lawyer

District of Columbia Code Division V. Local Business Affairs § 31-2701. Definitions.

Current as of January 01, 2024 | Updated by Findlaw Staff

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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-2701. Definitions. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-2701/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard