DISB Commissioner Thomas E. Hampton delivered the captive report at the sixth annual conference of the Captive Insurance Council of the District of Columbia (CIC-DC) at the Marriott Metro Center early October. The theme this year was Charting the Future of Captives and Alternative Risk Transfer.

“As one of the leading domiciles for captive insurance in the United States, the District of Columbia has become a domicile of choice for the fast-growing alternative risk marketplace,” said Commissioner Thomas E. Hampton, adding that in only six years, the District has seen a steady growth of captive companies, from two in 2001 to more than 75 today. He discussed the captive regulatory scheme in the District, how the proposed Optional Federal Charter might affect the captive industry, and DISB’s short- and long-term goals for growing captive insurance. About 100 attended the two-day event to listen to a variety of captive insurance experts discuss the latest developments in the captive insurance industry. 

Topics discussed at the conference included the advantages of forming reciprocal and protected cell captives; the regulation of risk retention groups and the role of the National Association of Insurance Commissioners in creating national standards for such captives. There was also an update on employee benefit captives from a representative from the US Department of Labor. This year’s conference offered a high-caliber educational program designed to bring attendees up-to-date with the latest developments and issues making an impact on the captive industry, as well as to educate businesses about the advantages of captive insurance and to promote Washington, DC, as a leading captive domicile.

CIC-DC also integrated new networking opportunities, as well as an Attendees’ Choice Forum. Besides the commissioner, Councilmember Mary Cheh (D-Ward 3), chair of the Committee on Public Services and Consumer Affairs, also addressed attendees, offering words of support for the District’s captive insurance program. She commended DISB’s and CIC-DC’s leadership for their tireless work in educating businesses about the District as a captive location.

“The District Council is very supportive of the captive insurance industry and you will continue to have a partner in me to make the District a great choice for captives,” said Councilmember Cheh. “Washington, DC, has all the right ingredients here to be a great financial center.”

Washington, DC-based CIC-DC is a membership organization for captive insurance providers and captive insurance companies in the District.
 
To learn more about captive insurance in the District, call (202) 727-8000.

Note: For a full copy of Commissioner Hampton’s speech, contact the Public Information Office.

The Government of the District of Columbia Department of Insurance, Securities and Banking (DISB) regulates all financial-service businesses in the District of Columbia. DISB has two overall missions: to provide fair, efficient and fast regulatory supervision of financial-service activities for the protection of the people of the District of Columbia; and to create conditions that will attract and retain national and international insurance, securities, banking and other financial-services businesses to the District.