SB23 Alabama 2021 Session
Bill Summary
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
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.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 1, 2021 | S | Assigned Act No. 2021-162. |
| April 1, 2021 | S | Enrolled |
| April 1, 2021 | H | Signature Requested |
| April 1, 2021 | S | Passed Second House |
| April 1, 2021 | H | Motion to Read a Third Time and Pass adopted Roll Call 577 |
| April 1, 2021 | H | Third Reading Passed |
| February 23, 2021 | H | Read for the second time and placed on the calendar |
| February 11, 2021 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
| February 11, 2021 | S | Engrossed |
| February 11, 2021 | S | Motion to Read a Third Time and Pass adopted Roll Call 206 |
| February 11, 2021 | S | Shelnutt motion to Adopt adopted Roll Call 205 |
| February 11, 2021 | S | Banking and Insurance first Substitute Offered |
| February 11, 2021 | S | Third Reading Passed |
| February 10, 2021 | S | Read for the second time and placed on the calendar with 1 substitute and |
| February 2, 2021 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | February 23, 2021 | Room 617 at 11:30 | House INS Hearing |
| Hearing | February 10, 2021 | Room 325 **Added a bill** at 13:00 | Senate B&I Hearing |
| Hearing | February 10, 2021 | Room 325 at 13:00 | Senate B&I Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB23 Alabama 2021 Session - Enrolled |
| Bill Text | SB23 Alabama 2021 Session - Engrossed |
| Bill Text | SB23 Alabama 2021 Session - Introduced |
| Bill Amendments | Senate Banking and Insurance first Substitute Offered |
| Fiscal Note | Fiscal Note - SB23 for Banking and Insurance |
| Fiscal Note | Fiscal Note - SB23 for Banking and Insurance |
| Fiscal Note | Fiscal Note - SB23 for Insurance |