Legislation to reduce government regulation of commercial insurance in Washington D.C. was approved by the District of Columbia Council.
Under the legislation, large commercial risks are exempt from filing requirements for rates and policy forms if they meet any one of the following seven optional criteria: pay annual insurance premiums over $5,000; retain or employ a qualified risk manager to negotiate insurance coverage; have a net worth over $2 million; generate annual revenues over $2 million; employ more than 10 people; have total insured property value of more than $2 million; or are a non-profit organization generating annual budgeted expenditures of at least $5 million.
The bill has been sent to Mayor Anthony Williams. Pending his approval, it will be sent to the Financial Control Board for its approval, and finally to the U.S. Congress for a 30-day review.
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