In a June 11, 2009, notice to all approved captive managers, the District of Columbia's Department of Insurance, Securities and Banking (DISB) made clear that at least a quorum of the board of directors of a D.C. licensed captive insurer must be physically present in the District of Columbia in order to satisfy the statutory requirement that the board of directors of a captive insurer meet at least one time each year in the District. The notice advises that, while a captive may submit a written request for a waiver of this annual meeting requirement, such requests will be granted "infrequently." Moreover, the notice provides the Commissioner of the DISB authority to impose an administrative fine of up to $5,000 for violations of this requirement and warns that habitual offenders could face suspension or permanent revocation of their certificate of authority.