The District of Columbia has approved enacting amendments to the Captive Insurance Company Act of 2004 in order to, among other things, strike any and all references to segregated accounts within the legislation.
Amendments have also been approved that will: clarify the 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 were published on 8 December 2014 and are scheduled to take effect following a 30-day period of congressional review.
Following this period, and providing that no complications arise during the review, the new legislation will be cited as the “Captive Insurance Company Amendment Act of 2014.”
