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.
An organizational exam may be performed by the Department as soon as possible after you receive the Certificate of Authority and have capitalized the captive. The cost of this exam will be borne by the applicant.