Alabama Captive Act updates ready for Bentley
The Alabama Senate has approved the state’s new captive regulatory update.
The Senate passed H.B. 270 by 29 votes to none. It now awaits the full signature of governor Robert Bentley before passing into law, having already cleared the House of Representatives.
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.
