Under existing law, captive insurance companies are licensed and regulated by the Alabama Department of Insurance.
This bill would: revise the licensure requirements of captive insurance companies; allow risk retention groups to operate as captive insurance companies; allow captive insurance companies to be formed as a series limited liability corporation; allow for a 60-day provisional license of a captive insurance company in certain circumstances; alter the initial capital requirements needed to form a captive insurance company; and cap the premium tax at $100,000 and would no longer require a premium tax until a captive insurance company is licensed for 12 months.
This bill would also provide for the governance and taxation of protected cell captive insurance companies.
Delivered to Governor at 4:49 p.m. on April 20, 2016.
Assigned Act No. 2016-191.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 647
Third Reading Passed
Reported from Banking and Insurance as Favorable
Read for the first time and referred to the Senate committee on Banking and Insurance
Motion to Read a Third Time and Pass adopted Roll Call 435
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Insurance
Source: Alabama Legislature