“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 Columbia
The 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 residents
An 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 legislation
One 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 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 insurance
An 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 Office of the Attorney General, 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.
Network with senior government officials and business leaders
The 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.