Code of the District of Columbia

§ 31–707.01. Supervisory Colleges.

(a) With respect to any insurer registered under § 31-705, and in accordance with subsection (c) of this section, the Mayor shall have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this subchapter. The powers of the Mayor with respect to supervisory colleges shall include the following:

(1) Initiating the establishment of a supervisory college;

(2) Clarifying the membership and participation of other supervisors in the supervisory college;

(3) Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;

(4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and

(5) Establishing a crisis management plan.

(b) Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the Mayor’s participation in a supervisory college in accordance with subsection (c) of this section, including reasonable travel expenses. For the purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the Mayor may establish a regular assessment to the insurer for the payment of these expenses.

(c) To assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers, in accordance with § 31-707, the Mayor may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The Mayor may enter into agreements in accordance with § 31-708(c) providing the basis for cooperation between the Mayor and the other regulatory agencies, and the activities of the supervisory college.

(d) Nothing in this section shall delegate to the supervisory college the authority of the Mayor to regulate or supervise the insurer or its affiliates within its jurisdiction.

(Oct. 21, 1993, D.C. Law 10-44, § 8a; as added Mar. 11, 2015, D.C. Law 20-235, § 2(g), 62 DCR 461.)