HB31 Alabama 2021 Session
Summary
- Primary Sponsor
Kerry RichRepublican- Co-Sponsor
- Corley Ellis
- Session
- Regular Session 2021
- Title
- Captive Insurance Companies, insurance in alien jurisdictions auth., requirements for an Alabama Coastal Captive Insurance Company revised, certificate of dormancy provided for, Secs. 27-31B-26, 27-31C-3.1 added; Sec. 27-31C-4 repealed; Secs. 27-31B-2, 27-31B-3, 37-31B-6, 27-31C-3 am'd.
- Description
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.
- Subjects
- Insurance
Bill Actions
Indefinitely Postponed
Pending third reading on day 6 Favorable from Insurance with 1 substitute
Read for the second time and placed on the calendar with 1 substitute and
Read for the first time and referred to the House of Representatives committee on Insurance
Bill Text
Documents
Source: Alabama Legislature