Commissioner Thomas E. Hampton recently presented a captive insurance company certificate to The Port Authority of NY & NJ at DISB’s Risk Finance Bureau at 1400 L Street, NW. Joining him were other DISB staff, including Associate Commissioner Dana Sheppard and Public Information Officer Lily Qi.

“Captive insurance has grown tremendously under our mayor,” Hampton said at the Nov. 9 presentation. “We’ve changed our regulatory schemes to meet the small- and medium-sized market.” He 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 early November. 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.

Deputy Mayor for Planning and Economic Development Stanley Jackson joined Hampton for the presentation.

“You have been given a unique opportunity in the nation’s capital,” said Jackson to representatives of the port authority. “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.”  The American Society of Association Executives and General Motors also have established captives in the District.

DISB has been regulating captives since 2001, and has licensed 68 companies. 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.

Editor’s Note: Deputy Mayor Jackson, who was appointed by Mayor Anthony Williams, left his post on December 20. The new Deputy Mayor for Planning and Economic Development Neil Albert started in his position under Mayor Adrian Fenty on January 2, 2007.