|Committee: Insurance||Sponsor: Shelnutt|
|Analyst: Julie Knight||Date: 02/22/2021|
Senate Bill 23 as passed the Senate provides further for the regulation of captive insurance companies to allow captive insurers to: (1) combine insurance written in this state with risks insured from other jurisdictions; (2) manage risks on business activities that are legal in other jurisdictions and; (3) write insurance on all lines of business. These provisions could increase receipts to the Insurance Department Fund and the State General Fund by an undetermined amount dependent upon the number of fees and premium taxes collected, respectively, from additional captive insurers licensed in Alabama and additional insurance premiums written by captive insurers in the state.
|Kerry Rich, Chair|