Earlier this month, the Captive Insurance Agency Amendment Act of 2017 (DC LB 420) had its first reading before the District of Columbia Council. If enacted, LB 420 would increase the number of insurance products available for purchase through DC’s Captive Insurance Agency. LB 420 would also allow captive insurers to “procure liability, personal property and other policies of insurance for the District in order to reduce the risk of loss.” The CFO of the District of Columbia previously announced that there are sufficient funds in the fiscal year 2018 through fiscal year 2021 budgets and financial plan to implement LB 420.
We will continue to monitor and provide updates on developments related to LB 420.
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