Two captive insurance laws passed by the District of Columbia Council went into effect there March 14, officials said.
The "Captive Insurance Company Amendment Act of 2006″ and the "Special Purpose Financial Captive Authorization Amendment Act of 2006″ were signed into law at the end of last year.
Thomas E. Hampton, D.C commissioner of Insurance, Securities and Banking, predicted in a statement: "The establishment of a regulatory scheme for securitizing insurance risks in a captive and the amendments to our protected cell statute will put the District ahead of other jurisdictions in our captive insurance regulation and attract more captive insurance companies to the District."
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