DC Captive Insurance Newsletter

New Requirements for Captive Insurers in DC

The Commissioner of Insurance has mandated new requirements for captive insurers licensed in the District of Columbia to hold its annual board meeting in the District.

There must be at least a quorum of the board physically in the District of Columbia
The company shall maintain minutes of the board meeting which shall be made available to the Commissioner for inspection
- during an examination of the company
- and/or at such other reasonable times as the Commissioner may request
A waiver of the annual board meeting may be requested, however, the captive insurer must submit a written request and the request must be supported by facts and circumstances establishing good cause for the waiver to be granted.
The Commissioner has the authority to impose administrative fines not to exceed $5,000.00 for violation of this requirement.
Should the captive insurer be a habitual offender of the meeting requirement, the captive insurer may also face a temporary suspension or permanent revocation of their certificate of authority.
If you have any questions, please contact Dana Sheppard at 202-727-5074 or dana.sheppard@dc.gov. Should you need assistance in a location for your board meeting, we would suggest holding the meeting in conjunction with the CIC-DC 8th Annual Conference to be held October 21-22, 2009. The CIC-DC can assist with meeting rooms during that time. Please contact Gretchen Grote at 202-463-8163 should you be interested.