{"data":{"id":"us-dc/d.c.-code-31-3931.03","jurisdiction":"us-dc","citation":"D.C. Code § 31-3931.03","heading":"Organizational requirements for transacting business; incorporation.","body":"(a)\nA captive insurer may be organized in the District in any form of authorized by the Commissioner.\n\n(a-1)\nThe articles of incorporation of a captive insurer shall become effective when approved by the Commissioner.\n\n(b)\nThe articles of incorporation or organizational documents of a captive insurer shall satisfy the following minimum requirements:\n(1)\nThe capital stock of a captive insurer incorporated as a stock insurer shall be issued at not less than par value;\n(2)\nThe captive insurer shall not have less than 2 incorporators or organizers;\n(3)\nThe articles of association, articles of incorporation, articles of organization, charter, or bylaws of a captive insurer shall require a quorum of the board of directors that consists of more than 1/3 of the number of directors prescribed by the articles of association, articles of incorporation, articles of organization (or equivalent organizational document), charter, or bylaws; and\n(4)\nAny additional provisions that the Commissioner considers necessary.\n\n(c)\nThe Commissioner may, at the request of the captive insurer, issue a certificate of good standing and charge a fee for each certificate in an amount to be established by the Commissioner.\n\n(d)\nAn attorney-in-fact of a reciprocal captive insurer may be organized in the District in any form of business, including as an individual, authorized by the Commissioner.\n\n(e)\nA captive insurer organized in the District shall have the privileges of, and shall be subject to, the provisions of Chapters 1, 2, 3, 4, and 8 of Title 29. If the provisions of this chapter conflict with the general provisions of Title 29, the provisions of this chapter shall control.\n\n(f)\nThe Commissioner may regulate the manager of a captive insurer.","path":["Title 31. Insurance and Securities.","Chapter 39A. Captive Insurance Companies (2004).","Subchapter I. General."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/31-3931.03","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"ff02eb2fc9d95d31930640b256e6dab60fc8e6f8e499d56ffcaa917478f15ced","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-31-3931.02","next":"us-dc/d.c.-code-31-3931.04"},"notice":"GroundRules: Original legal text. Not legal advice."}