D.C. Wild Card Law Boosts Captives
A new “wild card” law in Washington, D.C. has introduced aconcept to the captive world that has been a staple in the bankingindustry.
The Captive Insurance Company Act of 2004, enacted in November,replaces the law governing captives in the jurisdiction since 2000.Its “wild card” or best practices provision allows the insurancecommissioner to authorize a captive insurer that is otherwisequalified to conduct business in the district to engage in anyactivity in any form permitted by a captive insurer in anotherjurisdiction, explained Arthur Perschetz, chairman of the CaptiveInsurance Council of the District of Columbia, who heads theinsurance practice at the law firm of Muldoon, Murphy & AguggiaLLP.
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