Learn About DC’s Improved Captive Law at CIC-DC Event
More Good News Coming from the DC Captive Domicile
March 26, 2015 – Key DC regulators will discuss several improvements to the District’s captive insurance statute at the next CIC-DC educational seminar, scheduled for the afternoon of Thursday, April 9, 2015 in Washington, DC.
The Captive Insurance Company Amendment Act of 2014 enacted the following improvements to the current captive statute:
- Gives the Commissioner the authority to reduce or eliminate minimum capital and surplus requirements for cells;
- Provides a specific exemption from FOIA for captive business plans, including pro formas, agreements and other documents filed with the application. This information will also be exempt from civil subpoena. The information can be shared with other regulators;
- Allows the Commissioner to extend or waive the requirement to conduct a financial examination of captive insurers every 5 years upon the satisfaction of specified criteria;
- Makes the Unfair Trade Practices and Claims Settlements Act applicable to District-domiciled risk retention groups;
- Amends the Risk Retention Act of 1993 (DC’s RRG law) to require the filing of quarterly statements by risk retention groups licensed as captive insurers; and
- Removes all references to segregated accounts.
In addition to highlighting these important regulatory developments, the seminar will also showcase the other great things going on in the DC captive insurance domicile -- licenses are being issued with more frequency to high quality companies and the examination process has been made more efficient and cost effective.
This positive momentum builds upon what has always been an established domicile with experienced regulators and a top notch service provider infrastructure. Please click here to download a new backgrounder that will tell you everything you need to know about doing captive business in the Nation’s Capital.
Detailed event information for the April 9 seminar, including registration forms, can be accessed on-line by clicking here.