Alabama SB207 increases minimum capital requirements for certain captive insurers and raises premium tax minimums.

Alabama SB207 amends the Alabama Captive Insurers Act to impose additional requirements on captive insurers. The bill mandates that captive insurers arrange with a bank in Alabama to transfer money, contract with a manager approved by the commissioner, and place certain requirements on the captive manager. It requires captive insurers to employ or contract with a certified public accountant approved by the commissioner, submit a detailed plan of operation and feasibility study, and disclose the identity and percentage of ownership of all persons controlling 5% or more of the insurer.

Alabama SB207 increases minimum capital requirements for certain captive insurers and raises premium tax minimums.

Alabama SB207 amends the Alabama Captive Insurers Act to impose additional requirements on captive insurers. The bill mandates that captive insurers arrange with a bank in Alabama to transfer money, contract with a manager approved by the commissioner, and place certain requirements on the captive manager. It requires captive insurers to employ or contract with a certified public accountant approved by the commissioner, submit a detailed plan of operation and feasibility study, and disclose the identity and percentage of ownership of all persons controlling 5% or more of the insurer.