Section 27-31C-1 – Short Title.

Section 27-31C-1 Short title. This chapter may be cited as the Alabama Coastal Captive Insurance Company Act. (Act 2008-391, p. 742, §2.)

Section 27-31C-2 – Definitions.

Section 27-31C-2 Definitions. For the purpose of this chapter : (1) ALABAMA COASTAL CAPTIVE INSURANCE COMPANY. A captive insurance company, as is defined by Section 27-31B-2(8), that is specifically formed to provide homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as defined and limited in the standard real property and contents insurance forms as […]

Section 27-31C-3 – License to Provide Homeowners Insurance; Exemptions; Powers and Duties.

Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties. (a) An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation or organization, operating agreements, or charter, may apply to the commissioner for a license to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as defined and limited in […]

Section 27-31C-4 – Issuance of License – Requirements.

Section 27-31C-4 Issuance of license – Requirements. (a)(1) The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the company possesses and maintains unimpaired paid-in capital of not less than one million dollars ($1,000,000); however, in the case of an Alabama Coastal Captive Insurance Company formed as a sponsored captive […]

Section 27-31C-5 – Formation Requirements.

Section 27-31C-5 Formation requirements. (a) The requirements of Section 27-31B-8 apply to an Alabama Coastal Captive Insurance Company. (b) The commissioner has discretion to restrict the form of an Alabama Coastal Captive Insurance Company to one or more of the types of defined captives listed in Section 27-31B-8, and has the discretion to accept or […]

Section 27-31C-6 – Exemptions From Chapter.

Section 27-31C-6 Exemptions from chapter. The commissioner, by rule, regulation, or order, may exempt an Alabama Coastal Captive Insurance Company, on a case-by-case basis, from provisions of this chapter that are determined to be inappropriate given the nature of the risks to be insured and the intent of this chapter. (Act 2008-391, p. 742, §2.)

Section 27-31C-7 – Confidentiality of Information.

Section 27-31C-7 Confidentiality of information. The confidentiality provisions of Sections 27-31B-9(b) and 27-31B-10 do not extend to final reports of its financial condition produced by the commissioner in inspecting or examining an Alabama Coastal Captive Insurance Company and do not extend to reports submitted by an Alabama Coastal Captive Insurance Company. All work papers, recorded […]

Section 27-31C-8 – Application Notice and Acknowledgement.

Section 27-31C-8 Application notice and acknowledgement. (a) An Alabama Coastal Captive Insurance Company shall include the following notice on each application form for insurance, as well as the declaration page of each policy, in no less than fourteen-point bold type: “NOTICE This policy is issued by a captive insurance company which is not subject to […]

Section 27-31C-9 – Findings of the Commissioner.

Section 27-31C-9 Findings of the commissioner. The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the commissioner finds that the: (1) Coastal captive insurance company is capitalized adequately or properly reinsured or both, after giving due consideration to the business plan, feasibility study, and pro formas, including the level […]