(Washington, DC) The District of Columbia Department of Insurance, Securities and Banking (DISB) is pleased to announce that the American Society of Association Executives (ASAE) has started operation as a captive insurance company—within one month of its third anniversary—since forming a segregated cell captive insurance company in the District of Columbia.

In July 2006, ASAE began marketing an Association Office Package Policy program to its members. The program is fronted by Great American Insurance Company, and provides property, liability, automobile and other insurance products to ASAE members. ASAE had formed a captive insurance company in the District of Columbia on August 15, 2003, and Mayor Anthony A. Williams personally presented them the license. 

“ASAE is a national icon with global reach. As the association for associations, it provides its members the highest quality resources possible. Association business is a critical segment to the District’s future growth in captive insurance. DISB is pleased with this development,” said DISB Commissioner Thomas E. Hampton. “ASAE is providing its membership with first-class insurance choices in the marketplace and we look forward to a mutually advantageous relationship in the years ahead.” 

ASAE is a major membership organization comprising 22,000 association CEOs, staff professionals and industry partners, representing nearly 11,000 organizations. Members manage leading trade associations, individual membership societies and voluntary organizations across the United States and 50 countries around the globe, as well as provide products and services to the association community.

ASAE began examining the advantages of captive insurance companies since 2002. After reviewing many state captive enabling laws, it decided that the District’s segregated cell captive law was significantly more advanced than competing states. ASAE and its consultant, Beecher Carlson Insurance Services, determined that the District made the best jurisdiction to launch ASAE’s property and casualty captive insurance member program.

The Washington, DC, area is home to many associations such as ASAE, nonprofit and for-profit organizations that benefit by forming and operating a captive insurer to finance their insurable risks. DISB has been regulating captives since 2000, and has licensed 64 companies since then. In the past five years, the District of Columbia has established itself as a leading captive domicile in the nation and remains an ideal location to establish a captive insurance company. To learn how to start a captive insurance in the District, please contact DISB Associate Commissioner Dana Sheppard of the Risk Finance Bureau at (202) 727-5074.