D.C. Commercial Dereg Bill Approved by Council

Legislation to reduce government regulation of commercial insurance in D.C. cleared another legislative hurdle yesterday when the District of Columbia Council voted unanimously to approve the “Insurance Trade and Economic Development Act of 2000” on its first reading.

The legislation exempts certain commercial risks from filing requirements for rates and policy forms if they meet any one of the following seven optional criteria: pay annual insurance premiums over $10,000; 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.