DISB’s Associate Commissioner for Risk Finance Dana G. Sheppard recently announced that DISB will license its 100th captive insurance company during the month of December.
DISB received a new captive application which, if licensed, will mark the 100th captive since DISB began licensing captives in 2001. The District of Columbia is the sixth largest captive jurisdiction (based on the number of captives licensed) in the country with the Risk Finance Bureau being responsible for regulating captive insurance companies and risk retention groups, as well as certified capital companies licensed in the District of Columbia.
“DISB hopes to mark the occasion with a celebratory announcement early 2009,” said Sheppard, adding that the agency expects to receive at least six additional captive insurance company applications during the month of December. Thus, the agency anticipates licensing about 105 captive insurance companies by December 31, 2008.