Department of Insurance, Securities and Banking: Press Release

Washington, DC - Mayor Anthony A. Williams recently submitted key insurance legislation to the DC Council, Committee on Consumer and Regulatory Affairs. A hearing is scheduled on June 7, 2000. The Mayor's package of legislation will position the District as a national and international gateway for financial services, especially insurance.

"The District of Columbia -- the nation's capitol city -- is in a unique position to offer the financial service industry an attractive environment to locate business," said DC Insurance and Securities Commissioner Lawrence H. Mirel. "This legislation is just the start of our effort to establish a modern regulatory structure in the District for the rapidly changing business of insurance and financial services," said Commissioner Mirel.

The Committee on Consumer and Regulatory Affairs is scheduled to hear 14 bills, including the Insurer Confidentiality and Information Sharing Amendment Act of 2000, and Captive Insurance Company Act of 2000. "We believe the District of Columbia is an ideal place for captive insurers to locate because it is home to thousands of national and international associations," said Commissioner Mirel. Captive insurers are insurers owned by companies or associations that offer insurance only to their members.

The District is also poised to take advantage of the integration of banking, insurance and securities allowed by recent federal legislation. "The Insurer Confidentiality bill will allow the District to establish guidelines for insurers doing business here to take advantage of the new financial market-place," said Commissioner Mirel. The Committee will also consider other standard-setting laws, including an unfair trade practices act, a law regulating public adjusters, a law to permit the use of surplus notes in determining surplus, and a basic law for the regulation of securities. "The enactment of these laws will instantly mark the District of Columbia as a knowledgeable and progressive regulator of international insurance and other financial transactions," said Commissioner Mirel. Attendance is free and open to the public. For more information please contact the DC Department of Insurance and Securities Regulation at 202.727.8000.

The DC Department of Insurance and Securities Regulation (DISR) has two missions, (1) to provide fair, efficient and fast regulatory supervision of the insurance and securities businesses for the protection of the people of the District of Columbia, and (2) to create conditions that will retain and attract national and international insurance and other financial businesses to the District.