District of Columbia Revises Captive Insurance Company Act
April 22, 2015
The District of Columbia's Captive Insurance Company Amendment Act of 2014 became effective March 10, 2015, following the end of the 30-day congressional review period.
The Act, A20-0497, which is now D.C. Law L20-0203, revises the Captive Insurance Company Act of 2004 and contains the following provisions.
- Deletes references to segregated accounts and clarifies statutory requirements for protected cell captive insurers and protected cells, including with respect to capital and surplus levels
- Gives authority to the commissioner to waive 5-year captive insurer examination requirements if an unqualified audited financial statement is filed each year, it is determined from the audited financial statements that the captive insurer maintains sufficient surplus, the captive is in compliance with D.C. laws and regulations, and the captive insurer is not a licensed risk retention group
- Confirms the confidentiality of captive insurers' license application materials and clarifies when they may be shared with other regulators and officials
- Makes the Insurance Trade and Economic Development Amendment Act of 2000 applicable to District-domiciled risk retention groups
- Amends the Risk Retention Act of 1993 to require the filing of quarterly statements by risk retention groups licensed as captive insurers
View the signed Act.
April 22, 2015
