The commissioner shall adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the captive insurance company. Until the rules under this section are adopted, the commissioner may by temporary order grant authority to a captive insurance company to insure risks.
Ala. Code § 27-31B-20
Rules for Controlled Unaffiliated Business.
Known as the Alabama Captive Insurers Act
The act spans §§ 27-31B-1–27-31B-9 (28 sections).
(Act 2006-509, p. 1153, §1; Act 2016-191, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.