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Current through October 23, 2012
(a) A captive insurer may be organized in the District in any form of authorized by the Commissioner.
(a-1) The articles of incorporation of a captive insurer shall become effective when approved by the Commissioner.
(b) The articles of incorporation or organizational documents of a captive insurer shall satisfy the following minimum requirements:
(1) The capital stock of a captive insurer incorporated as a stock insurer shall be issued at not less than par value;
(2) The captive insurer shall not have less than 2 incorporators or organizers;
(3) The articles of association, articles of incorporation, articles of organization, charter, or bylaws of a captive insurer shall require a quorum of the board of directors that consists of more than 1/3 of the number of directors prescribed by the articles of association, articles of incorporation, articles of organization (or equivalent organizational document), charter, or bylaws; and
(4) Any additional provisions that the Commissioner considers necessary.
(c) The Commissioner may, at the request of the captive insurer, issue a certificate of good standing and charge a fee for each certificate in an amount to be established by the Commissioner.
(d) An attorney-in-fact of a reciprocal captive insurer may be organized in the District in any form of business, including as an individual, authorized by the Commissioner.
(e) A captive insurer organized in the District shall have the privileges of, and shall be subject to, the provisions of Chapters 1, 2, 3, 4, and 8 of Title 29. If the provisions of this chapter conflict with the general provisions of Title 29, the provisions of this chapter shall control.
(f) The Commissioner may regulate the manager of a captive insurer.
(Mar. 17, 2005, D.C. Law 15-262, § 4, 52 DCR 1205; Mar. 2, 2007, D.C. Law 16-191, § 54(b), 53 DCR 6794; July 2, 2011, D.C. Law 18-378, § 3(w), 58 DCR 1720; Mar. 14, 2012, D.C. Law 19-103, § 2(a), 59 DCR 432.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-191, in subsec. (e), validated a previously made technical correction.
D.C. Law 18-378, in subsec. (e), substituted "Chapters 1, 2, 3, 4, and 8 of Title 29" for "general corporation law set forth in Chapter 1 of Title 29, subchapter I of Chapter 3 of Title 29, and Chapter 10 of Title 29, and the applicable provisions contained in this chapter", and substituted "general provisions in Title 29" for "general provisions of the acts codified in Title 29".
D.C. Law 19-103 added subsec. (a-1).
Emergency Act Amendments
For temporary (90 day) addition of section, see § 4 of Captive Insurance Company Emergency Act of 2004 (D.C. Act 15-640, November 30, 2004, 52 DCR 1238).
Legislative History of Laws
For Law 15-262, see notes following § 31-3931.01.
For Law 16-191, see notes following § 31-1131.02.
For history of Law 18-378, see notes under § 31-754.
Law 19-103, the "Captive Insurance Company Amendment Act of 2012", was introduced in Council and assigned Bill No. 19-149, which was referred to the Committee on Public Services and Consumer Affairs. The Bill was adopted on first and second readings on December 6, 2011, and January 4, 2012, respectively. Signed by the Mayor on January 20, 2012, it was assigned Act No. 19-278 and transmitted to both Houses of Congress for its review. D.C. Law 19- 103 became effective on March 14, 2012.
