(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.)
Section ReferencesThis section is referenced in § 31-3932.03.
Effect of AmendmentsD.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 LegislationFor 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).