Generally, the process of incorporating a captive insurer in Washington, DC, and applying for a license from the Department of Insurance, Securities and Banking (DISB) will involve the following steps. DISB will process properly documented applications in approximately thirty (30) days:
- Arrange a meeting with the Director of the Risk Finance Bureau and representatives of the captive to discuss the proposed business of the captive and obtain initial reactions from the Department.
- Select a Commissioner-approved management firm. See captive domicile information for a list of approved firms.
- Prepare documents necessary for incorporation. The services of a lawyer experienced in insurance matters may be desirable.
- Prepare application and supporting documents, one original and three copies in three-ring binders with table of content, to be filed with the Department.
- Include a $500 application review fee and a $300 certificate of authority fee with the application.