A bill aimed at updating the captive insurance legislation in the District of Columbia has had its first reading at the District of Columbia Council.
The bill proposes the introduction of the Captive Insurance Agency Amendment Act 2017 which would amend the Medical Liability Captive Insurance Agency Establishment Act of 2008.
The proposed act would expand the insurance products that are available for purchase through the Captive Insurance Agency by the chief risk officer and allow captive insurers to “procure liability, personal property and other policies of insurance for the District in order to reduce the risk of loss.”
In addition, it defines a number of terms relating to captive insurance “liability insurance”, “personal property insurance”, “personal property asset”, and amends the definition of “real property insurance.”
A fiscal impact statement from Jeffrey DeWitt, CFO of the District of Columbia, concluded that there were sufficient funds in the fiscal year 2018 through fiscal year 2021 budget and financial plan necessary to implement the proposed bill.