Larry Mirel, Washington, D.C. insurance commissioner for the past six years, said Friday he will step down as of Sept. 30.
As commissioner of the D.C. Department of Insurance, Securities and Banking, Mr. Mirel made the District competitive with Vermont in the chartering of captive insurance companies.
Since the department was authorized to charter captive insurance companies in 2001, it has issued licenses to 53 of these, the latest two last week, Mr. Mirel said in confirming his departure. He submitted his resignation letter Aug. 10.
He said he will join a District law firm effective Oct. 1. He said he was approached to join the firm several months ago, and has been negotiating his departure since.
Captive insurance companies are used by various organizations that desire to insure their own risk rather than buy insurance from private companies.
They have been licensed to provide medical malpractice insurance, and to serve such diverse organizations as religious denominations, building and construction companies, trucking companies, nursing homes, physicians and hospitals.
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