(a) There is established as a nonlapsing fund the Captive Trust Fund, which shall be used for the purposes set forth in subsection (b) of this section. All funds deposited in the Fund, and any interest earned thereon, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time, but shall be continually available for the uses and purposes set forth in subsection (b) of this section without regard to fiscal year limitation, subject to authorization by Congress.
(b) The Fund shall be used solely to pay for the costs and expenses of the establishment, operation, and administration of the Agency, which costs and expenses shall include:
(1) The hiring of a captive manager and other professionals to manage and administer the day-to-day operations of the Agency;
(2) The hiring of staff, including a general counsel;
(3) The administration of the day-to-day operations of the Agency;
(4) The payment of claims and losses under policies of insurance to be issued by the Agency;
(5) Reimbursement for reasonable expenses incurred by Advisory Council members in the necessary performance of their duties;
(6) The costs of the management, administration, and operation of the Fund; and
(7) Beginning with payments made from the Fund on or after December 1, 2014, the purchase of insurance on behalf of the District of Columbia government.
(c) There shall be deposited into the Fund:
(1) All insurance premiums or other revenues which may be received by the Fund;
(2) All funds received under § 1-307.83(a)(10); and
(3) An amount equal to the unobligated balance of amounts appropriated and allocated by section 2055(18) of the Fiscal Year 2007 Budget Support Act of 2006, effective March 2, 2007 (D.C. Law 16-192; 53 DCR 6899).
(d) The funds in the Fund may be invested in private securities and any other form of investment which is considered appropriate by the Commissioner and the Chief Financial Officer. The Agency shall file each with the Commissioner and the Chief Financial Officer a schedule of the proposed investments of the funds and any material changes thereto.
(July 18, 2008, D.C. Law 17-196, § 12, 55 DCR 6261; Dec. 24, 2013, D.C. Law 20-61, § 1032(h), 60 DCR 12472; Oct. 8, 2016, D.C. Law 21-160, § 1032(f), 63 DCR 10775; July 3, 2018, D.C. Law 22-123, § 2(g), 65 DCR 5088.)
Effect of Amendments
The 2013 amendment by D.C. Law 20-61 deleted “Medical Liability” preceding “Captive” in (a).
For temporary (90 days) amendment of this section, see § 2(f) of the Captive Earthquake Property Insurance Emergency Act of 2013 (D.C. Act 20-39, March 20, 2013, 60 DCR 4663, 20 DCSTAT 523).
For temporary (90 days) amendment of this section, see § 2(f) of the Captive Earthquake Property Insurance Congressional Review Emergency Act of 2013 (D.C. Act 20-85, June 19, 2013, 60 DCR 9536, 20 DCSTAT 1441).
For temporary (90 days) amendment of this section, see § 1032(h) of the Fiscal Year 2014 Budget Support Emergency Act of 2013 (D.C. Act 20-130, July 30, 2013, 60 DCR 11384, 20 DCSTAT 1827).
For temporary (90 days) amendment of this section, see § 1032(h) of the Fiscal Year 2014 Budget Support Congressional Review Emergency Act of 2013 (D.C. Act 20-204, October 17, 2013, 60 DCR 15341, 20 DCSTAT 2311).
For temporary (225 days) amendment of this section, see § 2(f) of the Captive Earthquake Property Insurance Temporary Amendment Act of 2013 (D.C. Law 20-9, June 22, 2013, 60 DCR 6407, 20 DCSTAT 1277).
Section 1031 of D.C. Law 20-61 provided that Subtitle D of Title I of the act may be cited as the “Captive Insurance Amendment Act of 2013”.