5 January 2015Services

DC approves captive insurance act amendments

The District of Columbia has approved the enacting amendments to the Captive Insurance Company Act of 2004.

This is, in part, to strike references to segregated accounts; clarify certain statutory requirements for protected cell captive insurers and protected cells; and confirm the confidentiality of capital insurers’ license application materials and clarify when they may be shared.

The amendments will also permit the Commissioner of the Department of Insurance, Securities and Banking to extend or waive the requirement to conduct a financial examination of captive insurers every 5 years upon the satisfaction of specified criteria.

The amendments will take effect following a 30-day period of congressional review and will be cited as the Captive Insurance Company Amendment Act of 2014.