(Washington, DC) Commissioner Thomas E. Hampton of the District of Columbia Department of Insurance, Securities and Banking (DISB) recently joined the Deputy Mayor for Planning and Economic Development Stanley Jackson to present the captive certificate to The Port Authority of New York and New Jersey at DISB’s Risk Finance Bureau at 1400 L Street, NW.

“Captive insurance has grown tremendously under our mayor and deputy mayor,” Hampton said at the November 9 presentation. “We’ve changed our regulatory schemes to meet the small- and medium-sized market.” The commissioner said that it was during a speaking engagement in New York that the discussion about the port authority joining the District’s captive domicile came about. “We have been receiving interest from companies in markets that we had never been in before.”

DISB’s Risk Finance Bureau completed its review of the authority’s captive application and approved its license earlier this month. The new insurance company, the Port Authority Insurance Captive Entity, LLC, owned by a large governmental agency, will offer three insurance programs: contractor’s insurance program, property and terrorism coverage.

“You have been given a unique opportunity in the nation’s capital,” added Deputy Mayor Jackson to representatives of the port authority. “We’re prepared to work at such a level and I cannot tell you how proud I am that you’ve joined our family. I think you have made a great decision, and I don’t think you’ll regret it.” 

DISB has been regulating captives since 2000, and has licensed 68 companies since then. In the past five years, the District of Columbia has established itself as a leading captive domicile in the nation and an ideal location to establish a captive insurance company. To learn how to start a captive insurance in the District, please contact DISB Associate Commissioner Dana Sheppard of the Risk Finance Bureau at (202) 727-5074 or visit DISB’s website at disb.dc.gov.