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Current through October 23, 2012
This subchapter provides for the creation of special purpose financial captive insurance companies for the exclusive purpose of facilitating the securitization of one or more risks as a means of accessing alternative sources of capital and achieving the benefits of securitization. Their creation is intended to achieve greater efficiencies in structuring and executing insurance securitizations, to diversify and broaden insurers' access to sources of capital, to facilitate access for many insurers to insurance securitization and capital markets financing technology, and to further the economic development of the District of Columbia through its captive insurance program.
(Mar. 17, 2005, D.C. Law 15-262, § 201, as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 16-285, the "Special Purpose Financial Captive Authorization Amendment Act of 2006", was introduced in Council and assigned Bill No. 16-897, which was referred to Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on November 14, 2006, and December 5, 2006, respectively. Signed by the Mayor on December 28, 2006, it was assigned Act No. 16-644 and transmitted to both Houses of Congress for its review. D.C. Law 16-285 became effective on March 14, 2007.
