HB31 Alabama 2021 Session
In Committee
Bill Summary
Sponsors
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Insurance Company revised, certificate of dormancy provided for, Secs. 27-31B-26, 27-31C-3.1 added; Sec. 27-31C-4 repealed; Secs. 27-31B-2, 27-31B-3, 37-31B-6, 27-31C-3 am'd.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
<p class="bill_description"> Under existing law, captive insurance
companies are licensed and regulated by the Alabama
Department of Insurance</p><p class="bill_description">
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</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> Relating to captive insurance companies; to amend
Sections 27-31B-2, 27-31B-3, 27-31B-6, and 27-31C-3, Code of
Alabama 1975, to revise certain definitions; to authorize
insurance to be placed on risks in alien jurisdictions under
certain conditions; to revise certain security requirements
for the payment of liabilities attributable to branch
operations; to revise certain requirements relating to an
Alabama Coastal Captive Insurance Company; to provide for the
issuance of certificates of dormancy for captive insurance
companies that meet certain requirements; to require dormant
captive insurance companies to take certain action; to add
Section 27-31C-3.1 to the Code of Alabama 1975; and to repeal
Section 27-31C-4, Code of Alabama 1975, relating to Alabama
Coastal Captive Insurance Companies.
</p>
Subjects
Insurance
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 6, 2021 | H | Indefinitely Postponed |
| February 10, 2021 | H | Pending third reading on day 6 Favorable from Insurance with 1 substitute |
| February 10, 2021 | H | Read for the second time and placed on the calendar with 1 substitute and |
| February 2, 2021 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | February 10, 2021 | Room 617 at 09:00 | House INS Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB31 Alabama 2021 Session - Introduced |
| Bill Amendments | House Insurance first Substitute Offered |
| Fiscal Note | Fiscal Note - HB31 for Insurance |
| Fiscal Note | Fiscal Note - HB31 for Insurance |