Alabama Captive Act changes almost law
The Alabama Senate committee on banking and finance has signed off an update to the Alabama Captive Act.
The bill recently passed the Alabama House of Representatives by a vote of 96-0. It now awaits passage by the full Senate and signature by the governor.
The legislative update is expected to make Alabama more competitive in the formation of captive insurance companies.
Proposed changes include modernising the language and capital requirements for protected cell captives, allowing captives to form as series limited liability companies and mutuals, and introducing a 60-day provisional licence.
