Section 31-3931.03 - Organizational requirements for transacting business; incorporation(a) A captive insurer may be organized in the District in any form of authorized by the Commissioner.(a-1) The articles of incorporation of a captive insurer shall become effective when approved by the Commissioner.(b) The articles of incorporation or organizational documents of a captive insurer shall satisfy the following minimum requirements:(1) The capital stock of a captive insurer incorporated as a stock insurer shall be issued at not less than par value;(2) The captive insurer shall not have less than 2 incorporators or organizers;(3) The 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(4) Any additional provisions that the Commissioner considers necessary.(c) The 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.(d) An 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.(e) A 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.(f) The Commissioner may regulate the manager of a captive insurer.Mar. 17, 2005, D.C. Law 15-262, § 4, 52 DCR 1205; Mar. 2, 2007, D.C. Law 16-191, § 54(b), 53 DCR 6794; July 2, 2011, D.C. Law 18-378, § 3(w), 58 DCR 1720; Mar. 14, 2012, D.C. Law 19-103, § 2(a), 59 DCR 432.