Business EditionNovember/December 2007

 E D I T O R I A L

DISB’s Theme Months Help to Bring Financial Issues into Focus
DISB used five theme months in 2007 to further its goals in reaching out to more District consumers. The months highlighted our consumer-education efforts, as well as provided several avenues for knowledge, information and empowerment.
 

T H E   C O M M I S S I O N E R ' S   C O L U M N
 

A Year for Retooling and Refocusing
In 2007, DISB adopted a three-pronged Approach to Consumer Protection, which encompasses all aspects of our work—business regulation, consumer empowerment and consumer services.
 

C A P T I V E   I N S U R A N C E   I N   T H E   C A P I T A L

DISB Discusses its Captive Success on Internet Radio
The District of Columbia is the sixth largest captive jurisdiction in the country with 76 licensed companies. DISB’s Associate Commissioner for Risk Finance was interviewed recently about why he thinks the District is so successful.
 

S P E C I A L   F E A T U R E

Payday Lenders to Comply with New Law
The Council recently enacted legislation that subjects payday lending to the District’s 24 percent interest cap. The new law states that the current payday lending structure is no longer authorized in the District of Columbia, and it will be effective January 9, 2008.
 


I N D U S T R Y   N E W S

DISB issues bulletin on payday lending
DISB recently issued a Banking Bulletin to payday lenders in the District.

Proposed IRS Regulation Could Impact Captives’ Tax Treatment
A proposed regulation from the Internal Revenue Service would provide new guidance regarding the treatment of transactions between members of a consolidated group, including captive insurance company arrangements.

State Securities Regulators Update Best Practices to Strengthen Compliance Procedures
NASAA released new recommended best practices for investment advisers to improve their compliance practices and procedures.

DISB Fraud Investigator Recognized
A fraud investigator with DISB received the Maryland Governor’s Award for Service recently.

NAIC Commends Passage of Terrorism Risk Insurance Legislation
The NAIC commended the US Congress for passing legislation to extend the federal Terrorism Risk Insurance Program for another seven years.

Public Forum on Universal Health Coverage
DISB and DOH co-hosted a public forum on universal health coverage. Commissioner Hampton discussed DISB’s key initiatives in helping reduce the District’s uninsured population.

DISB Enhances its Law Enforcement Network
DISB recently joined two networks expected to enhance its fraud-fighting efforts.

Capital Connection is a bi-monthly publication from the Government of the District of Columbia Department of Insurance, Securities and Banking. To unsubscribe, contact Michelle Phipps- Evans at (202) 442-7822 or send an e-mail to michelle.phipps-evans@dc.gov, and type REMOVE in the subject line.