Alabama's Captive Insurance Law

In its 2006 regular session, the Alabama Legislature passed a bill allowing for captive insurance companies. Gov. Bob Riley signed the bill into law.

The legislation was the recommendation of the Hurricane Insurance Issues Task Force, which put its stamp of approval on the bill in order to provide underserved commercial markets a new option for insurance.

Here are the forms required to submit a complete application for admission as a captive insurer in Alabama.

  1. Submit application with all required documents and the Feasibility study with required scenarios.
  2. Upon receipt, Department actuaries will review feasibility study for applicant company.
  3. Upon approval of the study a Certificate of General Good will be issued by the Commissioner and sent to you for the Secretary of State.
  4. The Department will continue to review the complete application and upon “approval” you will receive an email with fees to be paid through Alabama Interactive.
  5. Upon payment a Certificate of Authority will be provided.
  6. Originals of “drafts” and any other documents fulfilled after the COA is issued, must be sent to the Department.
  1. Ensure all documents have been submitted as per the application and checklist.
  2. Email the changes made to the Articles of Incorporation from the Secretary of State showing the Certificate of General Good.
  3. Provide Proof of Funding to the Department along with other requested documents in a timely manner.