A District of Columbia Council committee unanimously approved on Tuesday an amended version of the Insurance Trade and Economic Development Act of 2000. Washington D.C. Bill 13-806 now goes to the full council, once again, for two readings.
The council passed an amended version of the same bill in July that called for much higher thresholds for businesses to qualify for exemptions from rate and policy form regulations. Council members restored the lower thresholds to the bill on Tuesday. As amended, the bill now requires businesses to satisfy at least one of the following criteria:
· Retain or employ a certified or qualified risk manager.
· Possess a net worth in excess of $2 million.
· Generate annual revenues in excess of $2 million.
· Have at least 10 employees.
· Pay annual aggregate countrywide premiums in excess of $10,000.
· Have total insured property value of at least $2 million.
· Be a nonprofit organization or public body generating at least $5 million.
In Tuesday’s action, the committee also amended another section of the same bill that incorporates the Unfair Trade Practices Act. The section was amended to provide for judicial appeal of decisions made by the insurance commissioner. If the commissioner does not find a violation of the act, the bill would allow the party 60 days to appeal that decision to the D.C. Court of Appeals.
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