Department of Insurance; additional requirements for captive insurers specified

Summary

The bill amends Department of Insurance rules so that any captive insurer operating in Alabama must maintain a financial account with a brick‑and‑mortar bank or credit union located in the state, or with a veteran‑related financial institution, both of which must be approved by the insurance commissioner. This requirement applies to all captive insurers in Alabama and is intended to improve local oversight of their financial activities.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share