Under existing law, captive insurance companies are licensed and regulated by the Alabama Department of Insurance.
This bill would revise certain definitions relating to captive insurance companies, would authorize insurance to be placed on risks in alien jurisdictions under certain conditions, and would revise certain security requirements for the payment of liabilities attributable to branch operations.
This bill would also revise certain requirements relating to an Alabama Coastal Captive Insurance Company, would provide for the issuance of certificates of dormancy for captive insurance companies that meet certain requirements, and would require dormant captive insurance companies to take certain action.
Pending third reading on day 13 Favorable from Banking and Insurance
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Banking and Insurance
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 116
Motion to Adopt adopted Roll Call 115
Insurance Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Insurance
Source: Alabama Legislature