Captive insurers, additional requirements, certain minimum paid in capital amounts increased

Summary

The proposal tightens rules for captive insurance companies operating in Alabama by requiring them to work with a state‑based bank, hire approved managers, accountants and actuaries, and submit extensive ownership and operational information. It also raises the minimum paid‑in capital and premium tax amounts and mandates annual audited financials and actuarial certifications. These changes aim to ensure financial stability and greater regulatory oversight of captives.

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