|
Generally,
the process of incorporating a captive insurer in
Washington, DC and applying for a license from the
Department of Insurance & Securities Regulation
(DISR) will
involve the following steps.
DISR will process properly
documented applications in not more than thirty (30)
days:
-
Arrange a
meeting with the Commissioner and representatives of the
captive to discuss the proposed business of the captive
and obtain initial reactions from the Department.
-
Select a Commissioner approved management firm (contact captives.disr@dc.gov
for a list of approved firms).
-
Prepare documents necessary for incorporation. The
services of a lawyer experienced in insurance matters
may be desirable.
-
Prepare
application and supporting documents to be filed with
the Department. (see captive application for a list of
these items.)
-
Select an approved, review firm and submit
two copies of all materials in numbers (3) and (4) above
to DISR (attention: Captives Manager) for review. Include a $500
application fee.
-
Submit one additional copy of the application and
supporting documents to the review firm.
-
The review firm will make a recommendation to the
Commissioner regarding the approval of the captive.
-
After the
Commissioner has issued the Certificate of Authority,
present it and the documents in number (3) above to the
Corporation Division of the DC Department of Consumer
and Regulatory Affairs along with the appropriate fee to
incorporate the captive.
There will be a separate fee in the amount of
$300, payable to the Department for the issuance of the
certificate of authority.
Other
requirements:
-
Authorization to perform
audits, to be complete by a CPA.
-
Authorization to render the opinion on
reserves, to be completed by an actuary.
**
An organizational exam may be performed by the
Department as soon as possible after you receive the
Certificate of Authority and have capitalized the
captive. The cost of this exam will be borne by the
applicant.
*This
document is presented in Portable Document Format (PDF).
A PDF reader is required for viewing. To download a
reader, please click
here. If you are having trouble reading these files,
please click
here for additional information.
|
