District of Columbia Department of Insurance, Securities, and Banking

Office address: 1050 First St NE #801, Washington, DC 20002  
Website: disb.dc.gov 
Year established: 2004 
Employees: 152+ 
Key people: Karima M. Woods (commissioner); Philip Barlow, Stephen Bouchard, and Samuel Fuller (associate commissioners); Jocelyn Bramble (office of innovation); Dereje Belay (general counsel) 
Operating budget: $36.4 million (FY 2025) 

The District of Columbia Department of Insurance, Securities, and Banking (DISB) is the one that regulates financial services in Washington, DC. It helps residents by making sure financial companies follow rules and treat customers fairly in the state.  

In this profile, we’ll also refer to the agency as the DC Department of Insurance for brevity. 

History of District of Columbia Department of Insurance, Securities, and Banking 

The DISB was created to unify financial regulation in Washington, DC. It started with the Department of Insurance and Securities Regulation in 1997, then became DISB in 2004 after merging with the Department of Banking and Financial Institutions. 

Here’s a brief rundown of some of the department’s most important milestones: 

• 2004: DISB was created by merging two financial regulatory agencies under D.C. Law 15-166 
• 2008: it increased oversight of banks and insurers after the financial crisis 
• 2015: Stephen C. Taylor was appointed commissioner of DISB 
• 2020: Karima Woods was confirmed as the sixth commissioner of DISB 
• 2021: DISB announced a $3.8 million health insurance fraud case ending in a prison sentence 
• 2022: Associate Commissioner Philip Barlow testified on three insurance-related bills before the council 
• 2023: the agency provided testimony on the Prior Authorization Reform Amendment Act 

In 2025, the DC Department of Insurance announced the proposed health insurance rates for 2026 in the District. This marked another step in the agency’s ongoing role in protecting consumers and overseeing financial services. 

District of Columbia Department of Insurance, Securities, and Banking mandate 

DISB operates under Title 31 of the DC Code. Its legal authority comes from the Consolidation of Financial Services Amendment Act of 2004 (D.C. Law 15-166).  

The agency includes these key divisions and offices: 

1. Office of the Commissioner 
2. Office of Market Operations 

• Insurance Division 
• Risk Finance Division 
• Securities Division 
• Banking Division 

3. Office of the Deputy Commissioner for Market Compliance 

• Compliance and Analysis Division (CAD) 
• Enforcement and Consumer Protection Division 

4. Office of General Counsel 

5. Office of the Chief of Staff 

6. Office of Financial Empowerment and Education 

7. Office of Communications 

8. Office of the Agency Fiscal Officer 

9. Office of Policy and Administration 

DISB is led by a commissioner, who acts as the chief regulator for DC’s financial services sector. The mayor appoints the commissioner, and the DC Council confirms the choice. Karima Woods is the current commissioner, confirmed in 2020 and serving as the sixth leader of the agency. 

Key responsibilities  

When it comes to financial services in the state, the District of Columbia Department of Insurance, Securities, and Banking has a lot of key tasks. These include: 

• insurance regulation: licenses and examines insurance companies and agents 
• securities oversight: registers firms and investigates investment fraud 
• banking supervision: charters and monitors banks and lenders 
• risk finance regulation: oversees captive insurers and risk groups 
• market conduct exams: reviews business practices for fairness 
• consumer complaint resolution: investigates and resolves complaints 
• enforcement action: prosecutes fraud and violations 
• financial education: provides workshops and resources 
• student loan ombudsman: helps with student loan complaints 

The DC Department of Insurance also works with the DC Health Benefit Exchange and reviews health insurance rates each year. DISB updates its programs to keep up with changes in the financial industry and protect residents from new risks.  

Recent initiatives and regulatory focus 

The District of Columbia Department of Insurance, Securities, and Banking recently gave Marsh’s ReadyCell a conditional pre-approved regulatory license for its self-insurance platform. This allows Marsh to help eligible organizations form insurance companies in minutes through its proprietary system. It helps more businesses access self-insurance options and manage their risks directly by enabling faster licensing. 

The DC Department of Insurance collected 188 health insurance rate proposals for 2026 coverage. The department reviews proposed rates, gathers public input, and then determines the final approved pricing each year. This process directly impacts individuals, families, and small businesses using DC Health Link. 

Consumer protection and outreach 

The District of Columbia Department of Insurance, Securities, and Banking helps DC residents stay safe and informed with practical tools and programs: 

• DISB consumer alerts: warns about scams and fraud 
• online complaint portal: files complaints for quick review 
• scam tracker: reports and tracks local scams 
• consumer resource center: offers guides and direct help 
• educational workshops: teaches financial safety and basics 

The DC Department of Insurance empowers people to handle issues and avoid risks. The agency responds quickly to complaints and supports informed financial choices.