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.

(L-R) Rich Seligman and Jim Caldwell of Diapason RRG, Councilmember Mary Cheh and Arthur Perschetz, Muldoon Murphy & Aggugia.

“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, who 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.

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 the public about the District as a captive location.

“You have a partner in me in making the District a great choice for captives,” said Councilmember Cheh. “There is no reason why Washington, DC, cannot be a financial center. We have all the right ingredients here.”

About 100 people attended the two-day conference to hear a variety of captive insurance experts discuss the latest developments in the captive insurance industry. Topics 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.

Former South Carolina Insurance Commissioner Ernst Csiszar, the former president of the Property Casualty Insurance Association, shared his views on the future of the alternative risk transfer market. In addition, Cliff Roberti, director of Government Relations for the Self-Insurance Institute of America, gave an update on the activities in Congress, which may make an impact on the captive industry. 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, please visit DISB’s website or call (202) 727-8000.