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Council of the District of Columbia
Committee on Business, Consumer, and Regulatory Affairs
Notice of Public Hearing
John A. Wilson Building 1350 Pennsylvania Avenue, NW, Ste. G-6 Washington, DC 20004
COUNCILMEMBER VINCENT B. ORANGE, SR., CHAIR
COMMITTEE ON BUSINESS, CONSUMER, AND REGULATORY AFFAIRS
ANNOUNCES A PUBLIC HEARING ON THE FOLLOWING MEASURES:
B20-537, THE “INSURANCE HOLDING COMPANY AND CREDIT FOR REINSURANCE MODERNIZATION ACT OF 2013”
B20-673, THE “DC TRANSACTION MODERNIZATION ELECTRONIC DELIVERY AND POSTING ACT of 2014”
B20-774, THE “CAPTIVE INSURANCE COMPANY AMENDMENT ACT OF 2014”
B20-797, THE “FEDERAL HEALTH REFORM IMPLEMENTATION AND OMNIBUS AMENDMENT ACT OF 2014”
B20-802, THE “NMLS CONFORMITYACT OF 2014”
Wednesday, July 9, 2014, 10:00 am
John A. Wilson Building, Room 500
1350 Pennsylvania Ave., NW
Washington, D.C. 20004
Councilmember Vincent B. Orange, Sr. announces the scheduling of a public hearing of the Committee on Business, Consumer, and Regulatory Affairs for the purpose of receiving testimony on following measures: B20-537, the “Insurance Holding Company and Credit for Reinsurance Modernization Act of 2013”; B20-673, the “DC Transaction Modernization Electronic Delivery and Posting Act of 2014”; B20-774, the “Captive Insurance Company Amendment Act of 2014”; B20-797, the “Federal Health Reform Implementation and Omnibus Amendment Act of 2014”; and B20-802, The “NMLS Conformity Act of 2014”
The public hearing is scheduled for Wednesday, July 9, 2014 at 10:00 a.m. in Room 500 of the John A. Wilson Building located at 1350 Pennsylvania Ave., N.W., Washington, DC 20014.
B20-537, the “Insurance Holding Company and Credit for Reinsurance Modernization Act of 2013” was introduced by Council Chair Phil Mendelson at the request of the Mayor. The bill proposes to modernize how the District regulates insurance holding companies and their subsidiaries, and the process by which insurance companies can obtain credit for reinsurance.
B20-673, the “DC Transaction Modernization Electronic Delivery and Posting Act of 2014” would allow the Department of Insurance, Securities, and Banking to transmit, pursuant to a party’s consent and other specific conditions, electronic notices of insurance policies and insurance-related policies either by email, posting on an electronic network or site accessible on the internet, mobile application, computer, mobile device, tablet, or other electronic device. The bill was introduced by Councilmember Vincent Orange (AL).
B20-774, the “Captive Insurance Company Amendment Act of 2014” proposes to amend the Captive Insurance Company Act of 2004 and the Risk Retention Act of 1993 to clarify certain surplus requirements for protected cell captive insurers and the confidentiality of application materials, to extend the financial examination period to 5-years, and to make applicable the Unfair Trade Practices Act, among other things. The bill was introduced by Council Chair Phil Mendelson at the request of the Mayor.
B20-797, the “Federal Health Reform Implementation and Omnibus Amendment Act of 2014” was also introduced by Council Chair Phil Mendelson at the request of the Mayor. The purpose of the bill is to implement the provisions of the Affordable Care Act (“ACA”) to provide local authority to enforce federal mandates, including establishing benchmark plans, rating standards (geography, age, tobacco), and definitions for small and large employers, and create a regulatory framework for stop-loss coverage.
B20-802, the “NMLS Conformity Act of 2014” would the bring the District in compliance with the federal Secure and Fair Enforcement Mortgage Licensing and Registry Act of 2008 in order to ensure that the Department of Insurance, Securities, and Banking has the authority to use the National Mortgage Licensing System, a web-based record system for financial services licensing and registration, for non-depository institutions.
Individuals and representatives of organizations who wish to testify at the public hearing are asked to contact Ms. Faye Caldwell or Gene Fisher of the Committee on Business, Consumer, and Regulatory Affairs at (202) 727-6683 or by email at fcaldwell@dccouncil.us or gfisher@dccouncil.us. Witnesses are asked to furnish their names, addresses, telephone number, email address, and organizational affiliation, if any, by the close of business, Wednesday, July 2, 2014. Each witness is requested to bring 20 copies of his/her written testimony. Representatives of organizations and government agencies will be limited to 5 minutes in order to permit each witness an opportunity to be heard. Individual witnesses will be limited to 3 minutes.
If you are unable to testify at the hearing, written statements are encouraged and will be made part of the official record. The official record will remain open until the close of business of July 23, 2014. Copies of written statements should be submitted to the Committee on Business, Consumer, and Regulatory Affairs, Council of the District of Columbia, Suite G-6, of the John A. Wilson Building, 1350 Pennsylvania Avenue, N.W., Washington, D.C. 20004.
