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

SB 207 increases the minimum capital requirements and premium tax amounts for certain captive insurance companies operating in Alabama. It adds new requirements, including contracting with commissioner-approved managers, accountants, and actuaries; submitting detailed business plans, ownership information, and director/officer backgrounds; and filing annual audited financial statements with actuarial certifications of loss reserves. The bill also mandates that Alabama's insurance commissioner consider a captive insurer's manager competence and business plan when reviewing applications for licensure. These changes apply to all licensed captive insurers in the state and require notice of any material changes to previously submitted information.