No company other than a mutual or reciprocal company doing business in the District shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of the sum of its capital stock and surplus. No mutual or reciprocal company shall expose itself to any loss on any one risk or hazard, whether located in the District or outside of the District, to an amount exceeding 10% of its surplus. No portion of any such risk or hazard which shall have been reinsured in a company authorized to do business in the District shall be included in determining limitation of risk; provided, that the provisions of this section shall not apply to the insurance of workmen’s compensation, employers’ liability, marine, or inland marine risks.
(Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch. II, § 12; Apr. 26, 1994, D.C. Law 10-103, § 3, 41 DCR 1005; Mar. 8, 2007, D.C. Law 16-232, § 202(b), 54 DCR 368.)
1981 Ed., § 35-1515.
1973 Ed., § 35-1315.
This section is referenced in § 31-2502.02 and § 31-3931.06.
D.C. Law 16-232 substituted “any one risk or hazard, whether located in the District or outside of the District” for “any 1 risk or hazard in the District”.
Capital and surplus requirements for foreign and alien companies, see § 31-2502.22.
Limitation of risk for companies operating on Lloyd’s plan, see § 31-2502.20a.
For temporary (225 day) amendment of section, see § 3 of Insurance Omnibus Temporary Amendment Act of 1993 (D.C. Law 10-76, March 17, 1994, law notification 41 DCR 1626).
Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 25 - Fire, Casualty, and Marine Insurance
Subchapter II - Powers and Duties of the Commissioner
§ 31–2502.01. Records of Commissioner; rules and regulations
§ 31–2502.02. Certificate of authority to do business — Issuance or renewal
§ 31–2502.03. Certificate of authority to do business — Revocation or suspension
§ 31–2502.04. Cessation of business
§ 31–2502.05. Receivership proceedings. [Repealed]
§ 31–2502.06. Receivership proceedings; insolvency; impairment. [Repealed]
§ 31–2502.07. Receivership proceedings; insolvency; impairment. [Repealed]
§ 31–2502.08. Required annual financial statements. [Repealed]
§ 31–2502.09. Making or publishing material false statements
§ 31–2502.11. Kinds of insurance authorized
§ 31–2502.12. Limitations on exposure to risks or hazards
§ 31–2502.13. Minimum capital and surplus requirements
§ 31–2502.14. Applicability of provisions to existing companies
§ 31–2502.15. Formation of domestic companies
§ 31–2502.16. Acquisition, use and disposition of real estate by domestic companies. [Repealed]
§ 31–2502.17. Power of domestic mutual companies to borrow or assume liability
§ 31–2502.18. Investment of funds by domestic companies. [Repealed]
§ 31–2502.19. Exclusive agency contracts of domestic companies
§ 31–2502.20. Authority to transact business — Foreign or alien companies
§ 31–2502.20a. Authority to transact business — Lloyd’s organizations
§ 31–2502.23. Service of process upon foreign or alien companies. [Repealed]
§ 31–2502.25. Premiums of mutual companies
§ 31–2502.26. Company reserves. [Repealed]
§ 31–2502.26a. Actuarial opinion of reserves
§ 31–2502.26b. Confidentiality of actuarial opinions, summaries, reports, and workpapers
§ 31–2502.27. Filing and approval of policy forms
§ 31–2502.28. Rate and form filing requirements for accident and health policies
§ 31–2502.29. Discriminations prohibited
§ 31–2502.30. Powers of agents, salaried employees and brokers. [Repealed]
§ 31–2502.31. Compensation of unlicensed persons prohibited
§ 31–2502.32. Procedure for obtaining licenses [Repealed]
§ 31–2502.33. Effective dates [Repealed]
§ 31–2502.34. Temporary transfer of licenses [Repealed]
§ 31–2502.35. Renewal of licenses [Repealed]
§ 31–2502.36. Revocation and suspension of licenses [Repealed]
§ 31–2502.37. Unauthorized solicitation or representation [Repealed]
§ 31–2502.38. Exceptions to licensing provisions
§ 31–2502.39. Persons not to act for unauthorized companies
§ 31–2502.40. License to procure policies from unauthorized companies
§ 31–2502.42. Violations of provisions
§ 31–2502.43. Appeals from Commissioner to Mayor [Repealed]