Code of Alabama - Title 27: Insurance - Chapter 31C - Alabama Coastal Captive Insurance Act

• Section 27-31C-1 Short title
  This chapter may be cited as the Alabama Coastal Captive Insurance Company Act.
• Section 27-31C-2 Definitions
  For the purpose of this chapter : (1) ALABAMA COASTAL CAPTIVE INSURANCE COMPANY. A captive insurance company, as is defined by Section 27-31B-2(8), that is...
• Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties
  (a) An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation or organization, operating agreements, or charter, may apply to the commissioner...
• Section 27-31C-4 Issuance of license - Requirements
  (a)(1) The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the company possesses and maintains unimpaired paid-in capital of...
• Section 27-31C-5 Formation requirements
  (a) The requirements of Section 27-31B-8 apply to an Alabama Coastal Captive Insurance Company. (b) The commissioner has discretion to restrict the form of an...
• Section 27-31C-6 Exemptions from chapter
  The commissioner, by rule, regulation, or order, may exempt an Alabama Coastal Captive Insurance Company, on a case-by-case basis, from provisions of this chapter that...
• Section 27-31C-7 Confidentiality of information
  The confidentiality provisions of Sections 27-31B-9(b) and 27-31B-10 do not extend to final reports of its financial condition produced by the commissioner in inspecting or...
• Section 27-31C-8 Application notice and acknowledgement
  (a) An Alabama Coastal Captive Insurance Company shall include the following notice on each application form for insurance, as well as the declaration page of...
• Section 27-31C-9 Findings of the commissioner
  The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the commissioner finds that the: (1) Coastal captive insurance company...

Last modified: May 3, 2021