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04 April 2016
Montgomery, Alabama
Reporter Becky Butcher

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Alabama Captive Act passes first legislative leg

The Alabama House of Representatives has unanimously passed a bill supported by the Alabama Captive Association to update and modernise the state’s captive legislation.

The Alabama Captive Act will now go to the Senate after a 96-0 vote assured its passage through the House of Representatives.

The legislative update is expected to make Alabama more competitive in the formation of captive insurance companies.

Changes include: the modernisation of language and capital requirements for protected cell captives; allowing captives to form as any entity under law, including series limited liability companies and mutuals; an update to initial capital requirements for some captives; and allowing captives to obtain a 60-day provisional licence.

In addition, the update contains clarification of premium tax requirements and codifying current insurance department practices regarding how premium taxes are levied.

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