D.C. Wild Card Law Boosts Captives
A new “wild card” law in Washington, D.C. has introduced a concept to the captive world that has been a staple in the banking industry.
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 insurance commissioner to authorize a captive insurer that is otherwise qualified to conduct business in the district to engage in any activity in any form permitted by a captive insurer in another jurisdiction, explained Arthur Perschetz, chairman of the Captive Insurance Council of the District of Columbia, who heads the insurance practice at the law firm of Muldoon, Murphy & Aguggia LLP.
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