Section 27-31B-12 – Legal Investments.
Section 27-31B-12 Legal investments. (a) An association captive insurance company, risk retention group, and an industrial insured captive insurance company insuring the risks of an industrial insured group defined in paragraph b. of subdivision (19) of Section 27-31B-2 shall comply with the investment requirements contained in this title, as applicable; provided, however, that compliance with […]
Section 27-31B-28 – Risk Retention Groups to Comply With Certain Accreditation Standards.
Section 27-31B-28 Risk retention groups to comply with certain accreditation standards. A risk retention group formed pursuant to this chapter shall comply with any provision determined to be applicable to the National Association of Insurance Commissioners’ (NAIC) accreditation standards for Risk Retention Groups and any provision of this title determined to be applicable by the […]
Section 27-31B-13 – Reinsurance.
Section 27-31B-13 Reinsurance. (a) A captive insurance company may provide reinsurance, as authorized in this title, on risks ceded by any other insurer. (b) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with Sections 27-5B-4 through 27-5B-9. A captive insurer shall not take credit […]
Section 27-31B-14 – Rating Organizations; Memberships.
Section 27-31B-14 Rating organizations; memberships. No captive insurance company may be required to join a rating organization. (Act 2006-509, p. 1153, §1.)
Section 27-31B-15 – Exemption From Compulsory Associations.
Section 27-31B-15 Exemption from compulsory associations. No captive insurance company, including a captive insurance company organized as a reciprocal insurer under this chapter, may join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state. No captive insurance company, or its insured, or its parent or any affiliated company, […]
Section 27-31B-16 – Tax on Premiums Collected.
Section 27-31B-16 Tax on premiums collected. (a) Each captive insurance company shall pay to the commissioner, by March 1 of each year, a tax at the rate of four-tenths of one percent on the first 20 million dollars, three-tenths of one percent on the next 20 million dollars, two-tenths of one percent on the next […]
Section 27-31B-1 – Short Title.
Section 27-31B-1 Short title. This chapter shall be known and may be cited as the “Alabama Captive Insurers Act.” (Act 2006-509, p. 1153, §1.)
Section 27-31B-17 – Rules.
Section 27-31B-17 Rules. The commissioner may establish and from time to time amend rules relating to captive insurance companies as are necessary to enable the commissioner to carry out this chapter. (Act 2006-509, p. 1153, §1.)
Section 27-31B-2 – Definitions.
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. (2) AGENCY CAPTIVE INSURANCE […]
Section 27-31B-18 – Laws Applicable.
Section 27-31B-18 Laws applicable. No provisions of this title, other than those contained in this chapter or referring specifically to captive insurance companies, shall apply to captive insurance companies. (Act 2006-509, p. 1153, §1.)