D.C. Mun. Regs. tit. 26, r. 26-A801

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-A801 - PREMIUMS

801.1

Policy durations shall be for a term of not less than 6 months, except that the initial term for a new policyholder may be for a period of less than six (6) months, in which case the premium shall be computed on a pro-rata basis. The initial premium for a policy shall be collected in advance.

801.2

Insurance companies offering insurance pursuant to this chapter shall file rates and report statistics in accordance with the provisions of D.C. Official Code § 31-2700 et seq.

801.3

Under no condition shall any premium be waived or discounted while insurance is in force. Insurance shall be deemed in force until cancellation or nonrenewal is actually effected in accordance with the provisions of the policy and requirements of the District of Columbia Taxicab Commission Establishment Act of 1985, effective March 25, 1986, D.C. Law 6-97, D.C. Official Code § 50 -314.

801.4

(a) The minimum limits of taxicab liability insurance required to be offered in the District of Columbia shall be:

(1) For bodily injury, twenty-five thousand dollars ($25,000) per person/ fifty thousand dollars ($50,000) per accident; and

(2) For property damage, ten thousand dollars ($10,000) for each accident.

(b) In addition to the minimum limits of liability insurance required in subsection (a) above, insurance companies shall also be required to offer optional insurance in the following lines, with the prescribed dollar limits, and under the following conditions:

(1) Option A higher limits for taxicab liability: For bodily injury, fifty thousand dollars ($50,000) per person/one hundred thousand dollars ($100,000) per accident; and for property damage twenty-five thousand dollars ($25,000);

(2) Option B higher limits for taxicab liability: For bodily injury, three hundred thousand dollars ($300,000) per person/three hundred thousand dollars ($300,000) per accident; and for property damage one hundred thousand dollars ($100,000);

(3) Medical payments coverage for drivers of at least four thousand dollars ($4,000) per occurrence;

(4) Medical payments coverage of at least five thousand dollars ($5,000) per occurrence, per passenger;

(5) Loss of income benefits for full time drivers of at least two hundred fifty dollars ($250) per week for 52 weeks;

(6) Insurance companies may institute multiple premium rate classifications; and

(7) Direct sales of insurance policies to policyholders, either from an insurance company or through a licensed producer.

801.5

Premium deposit requirements and payment options shall be as follows:

(a) A full six-month premium shall be one hundred percent (100%) of the gross six-month premium for the coverage afforded.

(b) Installment premium payment options:

(1) Forty percent (40%) of the total six-month premium plus an installment service charge of four dollars ($4) must accompany the application as a deposit; thirty percent (30%) of the total six-month premium plus an installment service charge of four dollars ($4) no later than two months after the effective date of the policy; and the balance, plus an installment service charge of four dollars ($4), no later than four months after the effective date of the policy; or

(2) Any other payment plan approved by the Commissioner.

(c) The installment premium payment option is not available if any portion of the six-month premium is financed by a premium finance company. If any portion of the six-month premium is financed after the installment premium payment option is elected, the servicing carrier may bill the insured immediately for the unpaid balance of the six-month premium.

D.C. Mun. Regs. tit. 26, r. 26-A801

Final Rulemaking published at 51 DCR 7298 (July 23, 2004)