D.C. Seeks Wild Card Captive Provision
Washington, D.C. is looking to add a “wild card” to its captive law.
Arthur D. Perschetz, chairman of the Captive Insurance Council of the District of Columbia, explained that under the proposed amendments, the insurance commissioner would be able to allow “a captive in D.C. or one being formed in D.C. to avail itself of any benefit of another captive law anyplace else.” He said this is “similar to banking wild card statutes,” which allow a state bank to do “basically anything that a national bank can do.”
Under the proposed D.C. captive law amendment, for example, if a jurisdiction has a unique provision allowing credit for reinsurance, “the commissioner could allow D.C. captives to do that if he thought it was beneficial to the district,” with the decision made on a case-by-case basis. Another example might be allowing a captive to write workers' compensation, he said.
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