Alabama HB415 amends the Alabama Captive Insurers Act to impose additional requirements on captive insurers.

Alabama HB415 amends the Alabama Captive Insurers Act to impose additional requirements on captive insurers. The bill mandates that captive insurers arrange with a bank located in Alabama to transfer money, contract with a person or business organization approved by the commissioner to manage its affairs, and place certain requirements on the captive manager. It also requires captive insurers to employ or contract with a certified public accountant and qualified actuaries approved by the commissioner.

Alabama HB415 amends the Alabama Captive Insurers Act to impose additional requirements on captive insurers.

Alabama HB415 amends the Alabama Captive Insurers Act to impose additional requirements on captive insurers. The bill mandates that captive insurers arrange with a bank located in Alabama to transfer money, contract with a person or business organization approved by the commissioner to manage its affairs, and place certain requirements on the captive manager. It also requires captive insurers to employ or contract with a certified public accountant and qualified actuaries approved by the commissioner.