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-3 Licensing. (a) Any captive insurance company, when permitted by its articles of association, charter, or other organizational document, may apply to the commissioner for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5, in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), […]
Section 27-31B-4 Fees. (a) The commissioner shall collect the following fees in connection with Section 27-31B-3: (1) Filing application for license, two hundred dollars ($200). (2) License fee, for initial license and each annual renewal thereof, three hundred dollars ($300). (b) All fees collected pursuant to this section shall be deposited in the State Treasury […]
Section 27-31B-5 Names of companies. No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered in the State of Alabama. (Act 2006-509, p. 1153, §1.)
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus as follows: (1) In the case of a pure captive insurance company, not less than one hundred thousand dollars ($100,000) or another amount determined by the commissioner […]
Section 27-31B-7 Dividends. No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in subsection (g) of Section 27-29-5, without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions […]
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive insurance company, an agency captive insurance company, a reinsurance captive insurance company, a special purpose financial captive insurance company, or a protected cell captive insurance company shall be formed as a stock or mutual insurer, or as a nonprofit or limited […]
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be required to make any annual report except as provided in this chapter. (b) Prior to March 1 of each year, each captive insurance company shall submit to the commissioner a report of its financial condition, verified by oath of two of its executive […]
