Organizational requirements for transacting business; incorporation.

A captive insurer may be organized in the District in any form of authorized by the Commissioner. The articles of incorporation of a captive insurer shall become effective when approved by the Commissioner. The articles of incorporation or organizational documents of a captive insurer shall satisfy the following minimum requirements: The capital stock of a captive insurer incorporated as a stock insurer shall be issued at not less than par value; The captive insurer shall not have less than 2 incorporators or organizers; 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 Any additional provisions that the Commissioner considers necessary. 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. 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. 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. The Commissioner may regulate the manager of a captive insurer.