D.C. Insurance, Banking Departments Merge

Mayor Anthony Williams has signed into law a bill enacted by the Council of the District of Columbia that combines the functional operations of the Department of Insurance and Securities Regulation (DISR) with those of the Department of Banking and Financial Institutions (DBFI). The new agency will be named the Department of Insurance, Securities and Banking (DISB). Lawrence H. Mirel, currently the commissioner of Insurance and Securities, will head the new agency.

The expected benefits of the merger include creating a comprehensive approach to regulating financial services, products and transactions, many of which have banking, insurance, and securities features.

“The structure of the financial services industry is changing rapidly,” Mirel said. “To properly regulate the industry we need a consolidated regulatory agency, just as they have in leading financial countries such as Great Britain, Germany and Japan. By merging these two agencies the District will demonstrate that it is ready and able to regulate modern financial services organizations.”

In the next three to six months, employees from DBFI will be relocated to DISR’s current headquarters at Union Center Plaza located at 810 First Street, NE.