Crossroads Risk Management, a captive insurance management firm licensed in multiple domiciles including Alabama, expresses support for Senate Bill 207 (SB 207) and House Bill 415 (HB 415). The proposed legislation is designed to enhance Alabama’s regulatory framework for captive insurers and risk retention groups by modernising solvency standards, clarifying statutory language, and expanding entity flexibility. If enacted, the bills aim to position Alabama as a more competitive domicile for captive insurance companies in the Southeast. Specific measures within the bills include a requirement for captive insurers to arrange with a bank located in Alabama for the transfer of money and to contract with an approved captive manager. The legislation also proposes increasing minimum capital requirements for certain captive insurers and updating the minimum amounts for premium taxes. Travis Bowden, president of Crossroads Risk Management, says: “By creating these crucial pieces of legislation, the Alabama Legislature has strengthened Alabama’s commitment to financial services”. He adds: “These bills modernise solvency requirements and allow more flexible captive insurance options. Once passed, Alabama will join Georgia and other regional domiciles for businesses seeking advanced risk management solutions”. Bowden, a certified insurance examiner, previously served as the supervisor of the captive and risk-bearing entities division at the Georgia Department of Insurance. In 2025, Crossroads Risk Management led a coalition championing Georgia’s House Bill 348 (HB 348), which updated and expanded that state’s captive options. The 2026 Alabama Legislative Session is currently underway, with SB 207 pending in the Senate Committee on Banking and Insurance and HB 415 pending in the House Committee on Insurance.
