DISTRICT OF COLUMBIA APPROVES AMENDMENTS TO CAPTIVE INSURANCE COMPANY ACT OF 2004
The Council and Mayor of the District of Columbia have approved enacting amendments to the Captive Insurance Company Act of 2004 to, in part, strike references to segregated accounts; clarify certain statutory requirements for protected cell captive insurers and protected cells; confirm the confidentiality of capital insurers’ license application materials and clarify when they may be shared; and 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.” D.C. Act 20-497 (Dec. 8, 2014).
This post written by Renee Schimkat.
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