P.O. Box 34757
Washington DC, 20043
Phone: (202) 797-0757
FAX: (202) 797-0758
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P.O. Box 34757
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 About Us
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About usOn This Page
(This topic is consolidated into one page to simplify printing.) Overview
The District of Columbia Insurance Federation represents all segments of the insurance industry doing business in our nation’s capital. Members include insurance carriers providing property and casualty (P&C) products and services, life and health insurers, agents, national trade associations including those representing hundreds of P&C and life and health insurers as well as reinsurers and the captive insurance community. Our members offer a wide range of coverage including disability, automobile, homeowners, workers’ compensation, life, directors and officers (D&O), reinsurance, long-term care, group and individual health plans, and a full range of additional personal and commercial lines of insurance protection. To be a Member of the Federation, an insurance carrier must have a current license issued by the District of Columbia Department of Insurance, Securities and Banking (DISB). Our Associate Members include consultants and attorneys providing services to insurers as well as organizations that represent agents and brokers. Agents represent the companies who sell insurance to residents and businesses; brokers represent purchasers, whether they are large corporations, small businesses, or individuals seeking coverage from companies licensed in DC. In accord with DC statutes, agents and brokers must be licensed by the DISB and earn a specified number of continuing education credits to retain their licenses. Our Member companies typically operate in other states and may be active abroad. We work together to create a progressive and balanced business and regulatory environment that will enable insurance companies, agents, and brokers to provide affordable insurance coverage to District of Columbia consumers without overly burdensome, costly, or inefficient regulatory requirements. Insurance is an economic necessity for all stakeholders. District of Columbia businesses and residents rely on insurance to protect them against financial losses due to theft, fire, accident, and other perils. Insurance protects employees and families in times of illness and injury. This information is designed to inform our Members and the general public to understand how insurance affects residents of Washington, DC. We invite the public to find out more about who we are and what we do. We look forward to receiving your comments about insurance companies and your concerns about the insurance industry in the District of Columbia. For further information, please contact us at our administrative offices. Thank you and we look forward to your participation and involvement. Mission Statement“Insurance being an essential component of a healthy and vibrant economy for the District of Columbia, the mission of the DCIF is to foster a positive image and understanding of the insurance industry, while promoting a legislative and regulatory environment that encourages and supports a strong, competitive marketplace to best serve the District’s insurance consumers.” Promote a supportive business climate in the District of ColumbiaThe Federation seeks to promote a progressive and balanced business climate for insurance companies operating in the District of Columbia. Insurance is a regulated industry. The Federation believes insurance regulation best serves the public when it promotes vigorous competition that guarantees the widest range of insurance choices at affordable prices. The Federation also seeks to ensure effective financial solvency regulation. To achieve these goals, it is important to avoid onerous or unnecessary laws or regulations that make it more difficult for insurers to operate and which may have the potential for raising the costs of the system. Partner with public and private sector groups to expand insurance choices and make premiums more affordable to DC businesses and residentsAn important aspect of promoting a fair and balanced business climate is to work with individuals and groups who can help improve insurance laws and regulations in the District of Columbia. Private sector groups that help expand insurance choices include Federation Members who are licensed insurance companies. Federation Associate Members include agent and broker trade associations, attorneys and other persons who are involved in providing insurance services in the District of Columbia. Together, we work to improve the economic and regulatory environment in the District to help promote availability and affordability, thus encouraging choice for District residents and business consumers. Work with the DC Council to draft legislationOne of the primary ways the Federation represents the concerns of our Members is by monitoring the activities of the DC Council. The DC Council enacts laws that impact the way insurance companies as well as agents and brokers can operate. In recent years DC has enacted important legislation to fight insurance fraud. The DC Council has passed legislation that protects consumers, businesses, and insurance companies against fraud and abuses; ultimately these laws save money and inure to the benefit of all stakeholders. The Federation works closely with the DC Council to draft legislation to ensure that laws are not unduly burdensome for insurance companies operating in the District of Columbia. Work with the DC Executive Branch, with the Commissioner of Insurance and with the staff of the DC Department of Insurance, Securities & Banking in terms of the regulatory process under which DCIF members must operate.The Federation works closely with the Executive Branch of the DC Government. The DC Executive Branch is charged with enforcing the laws passed by the DC Council. The agency with primary responsibility to enforce these laws in the District of Columbia is the DC Department of Insurance, Securities and Banking (DISB). The director of DISB, the Insurance Commissioner, is the chief regulator for the District of Insurance in terms of regulating insurance companies, agents, and brokers. The Commissioner and staff of the DISB maintain an “open door” policy in terms of their willingness to work with the DCIF and its members to resolve problems, draft legislation, and consider industry input on regulations the Department is considering. The Commissioner and senior deputies have been frequent speakers at various DCIF meetings, conferences, and events. Educate the public about insuranceAn important role of the Federation is public awareness and education. The Federation participates in educational forums and conferences to provide information about insurance to both government and the private sector. Since it was first established, the Federation has held seminars and conferences that have been attended by DC Councilmembers and staff, the Commissioner of Insurance and staff, the DC Chamber of Commerce, Greater Washington Board of Trade members and consumers.The purpose of these programs is to educate the public about insurance laws and regulations, and about relevant activities of the insurance industry in Washington, DC. We welcome your participation and involvement! Network with senior government officials and business leadersThe Federation hosts bi-monthly membership meetings. At these meetings, guest speakers from the public and private sector are invited to inform our membership of important current events and activities. Maintaining a dialogue involving representatives of many sectors and industries will enable DCIF as an organization to help the public to better understand how insurance works and foster a more positive climate toward insurance laws and regulations. We welcome your participation and involvement! What is insurance and why do we need it?Insurance is a mechanism for protecting people against losses, damage, injuries, and costs associated with unforeseen events. Insurance is generally defined as a method of spreading risk of loss through a pooling mechanism. Insurance provides protection against a predictable event that arises unexpectedly. Those who are likely to suffer from such loss buy insurance by paying premiums, which are used to pay losses that may arise. Insured losses may arise through natural events, such earthquakes, floods, hurricanes, windstorms, and other natural causes. They may also arise from manmade events as were experienced on September 11, 2001. Following that tragic event, insurance companies provided billions of dollars in coverage from the losses that arose. Additionally, insurance provides coverage for human losses arising due to sickness, injury, and death through the sale of health and life insurance products and services. Both businesses and individuals buy insurance to protect themselves against the uncertainties that cause financial as well as personal loss. The smooth functioning of our families, businesses, corporations—of society itself—cannot be effectively sustained without insurance protection against losses that may arise unexpectedly at some point in our lives. In the event of losses covered by an insurance policy, the insurance carrier will pay for losses in accordance with the terms of the policy. A policy specifically describes the losses that are covered, certain exclusions for which coverage will not be provided, and the limits of coverage. For example, if the policy limit is $100,000 on a homeowner’s policy and the house is destroyed by fire, the insurance company’s maximum level of coverage will be $100,000. It is very important to purchase the right amount of coverage to protect against potential losses. How does insurance benefit the public?Insurance benefits District of Columbia residents and businesses in many ways. Here are a few...
What role does the Federation play in shaping insurance laws in the District?Insurance is a highly regulated industry and, although there has been considerable discussion of potential federal oversight of certain aspects of insurance, the regulation of insurance has traditionally been – and continues to be – the purview of the States. State insurance trade associations have been established in most jurisdictions, providing a forum for members of the industry doing business in those jurisdictions to have an industry resource and, in many instances, a “spokesperson.” The Federation is the only state insurance trade association representing all lines of coverage in the District of Columbia, although there are a number of groups representing specific segments of the industry in DC. The DCIF monitors laws and regulations that may impact members of the DC insurance community. While the primary focus would be insurance specific legislation and regulation, the DISB also tracks business and economic development proposals, tax laws, public safety, building codes, and a wide variety of issues which have the potential of affecting members of the insurance industry. It is important that laws are fair and reasonable for insurance companies, agents, and brokers, as well as for the consumers they are designed to protect. Regulation is necessary to ensure that insurance companies are financially sound and provide appropriate consumer protections. To that end, insurance regulation provides both a sense of security and confidence consumers need when they purchase insurance. |
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