DISB Issues Continuing Education Requirements Reminder
DISB issued a reminder to all insurance producers licensed in the District of Columbia that the continuing education requirement of 24 hours must be met before they renew their licenses. Renewal notification will be done via e-mail only. Please be certain that your e-mail address is up-to-date with DISB by visiting nipr.com.

DISB Announces Birth-Month Producer Appointments Season
DISB is reminding all producers who are licensed in the District of Columbia that the new birth-month renewal process started July 1, beginning with licensees with an expiration date of June 30. To renew your licenses, please go to nipr.com.

Producers must have completed the 24-hour continuing education credits prior to the renewal of their licenses, including three hours of ethics and a one-time requirement of three hours of flood training for property or casualty producers. Renewal notification will be done via e-mail only. Please be certain that your e-mail address is up-to-date with DISB. To do so, go to nipr.com to verify it. If you have any concerns, please contact DISB’s Insurance Licensing Division by calling (202) 727-8000 or send an e-mail to zadie.bowles@dc.gov.

Foreclosure Mitigation Kit Created
DISB developed a Foreclosure Mitigation Kit to assist District residents experiencing mortgage-related financial difficulties or possible foreclosure on their homes. In addition to distributing the kit to consumers, it will be made available to constituent-services staff in the Office of the Mayor and Council of the District of Columbia to facilitate their handling of requests for foreclosure mitigation assistance. An online version of the kit is available on DISB’s website at disb.dc.gov.

DISB’s Captive Presentation
About 40 captive insurance company owners, captive managers, attorneys, bankers and other service providers attended the Captive Insurance Council of the District of Columbia (CIC-DC)’s networking breakfast on July 29, to listen to DISB discuss issues about captive insurance. A representative from DISB’s Risk Finance Bureau gave an overview of the financial information that captives provided to the agency at year-end 2007, current activities taking place at the National Association of Insurance Commissioners and the US Congress’ activities pertaining to the regulation of captives and risk retention groups. He concluded with a discussion on where the DISB’s captive program is going in 2008. The topic of the presentation was the District of Columbia Captive Domicile: Past, Present and Future.

These CIC-DC networking breakfasts are held three times a year in the District. The next CIC-DC event will be the District’s annual captive conference, which will be held at the Marriott Metro Center on November 10-11. This year’s keynote speaker will be Maurice “Hank” Greenburg, former chairman and CEO of AIG and current chairman and CEO of C.V. Starr.

Decrease in Workers Compensation Rates
The National Council on Compensation Insurance Inc. submitted a filing to DISB proposing a decrease of 14.4 percent on voluntary rates and a decrease of 15.8 percent on assigned risk rates. The filing is currently under review by the agency and the proposed effective date is November 1, 2008.

Agency investigation results in action against insurance agent
DISB conducted an investigation, held a hearing and issued an order resulting in a non-resident insurance agent being suspended for a period of three months. The agent was ordered to make reimbursement to a surety insurer in the full amount of $20,000; and to make restitution to a brokerage firm in the amount of $30,000. DISB took the action because the producer/agent failed to repay bond monies for unearned commissions.

DISB involved in HealthMarkets Settlement
DISB recently participated in a multi-state settlement agreement with HealthMarkets. The District will receive a $122,300 penalty from HealthMarkets, based on the agency’s participation in HealthMarkets’ national market conduct examination. HealthMarkets’ regulatory plan of corrective action requires various operational standards be met in the near future. Failure by HealthMarkets to meet its agreed improvement standards would result in additional penalties being assessed.

District Dedicates Week To Fighting Financial Fraud: August 10 To August 17
In keeping with its 2008 objective of reducing insurance, securities and banking fraud, the DC Department of Insurance, Securities and Banking (DISB) dedicated August 10 to August 17, 2008, as its fourth annual Financial Fraud Awareness Week to assist in its ongoing fight against financial-services fraud. This year, DISB will focus mainly on mortgage-related fraud, which has seen a significant increase in fraud activity due to the problems experienced by homeowners having difficulties meeting mortgage payments. Financial Fraud Awareness Week 2008 is aimed at raising District residents’ awareness about how they could spot scams, protect themselves from scams, and report a scam to help protect others.

DISB is collaborating with organizations such as the National Insurance Crime Bureau, the Coalition against Insurance Fraud, the Federal Bureau of Investigation and the Financial Crimes and Fraud Unit at the Metropolitan Police Department to assist the agency in identifying criminal patterns and providing its investigators with information and investigative techniques that may be used to develop enforcement cases. For this year’s Financial Fraud Awareness Week, DISB will provide tips to District residents on fighting fraud, especially mortgage and foreclosure scams. The agency will also be taking part in various seminars and fraud events hosted by other District agencies. Please visit DISB’s agency calendar on the website at disb.dc.gov. 

DISB Wins Blue Pencil & Gold Screen Award
DISB recently won a 2008 Blue Pencil & Gold Screen Award from the National Association of Government Communicators (NAGC) for its DISB brochure. Under the leadership of DISB’s Office of Communication and Public Affairs, the physical design was created by an outside vendor, Group 360, and the content was written and edited by DISB staff. The agency won with an updated version of its old brochure. It is more consumer-friendly and easier to read, keeping within DISB’s branding and social marketing campaign, which was launched last year with a brand new logo.

The 2008 competition included more than 600 entries competing in 47 categories. DISB received the Excellence Award under the Booklet/Brochure category. The award was announced at the NAGC Blue Pencil & Gold Screen Awards reception and banquet on April 29, in Albuquerque, N.M. Established since 1977, the NAGC is a national not-for-profit organization consisting of employees from federal, state and local governments who publish internal and external documents. Members include editors, writers, graphic artists, video professionals, broadcasters, photographers, information specialists and agency spokespersons. NAGC is the only organization for, by and about government communicators and communications.