Ala. Code § 27-31B-3 (1975) Licensing

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 27-31B-3 (1975)

(a) Any captive insurance company, when permitted by its articles of association, charter, or other organizational document, may apply to the commissioner for a license to do any and all insurance defined in Sections <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Life insurance" defined">27-5-2</codecitation>, <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Disability insurance" defined">27-5-4</codecitation>, and <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Property insurance" defined">27-5-5</codecitation>, in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of subsection (a) of Section <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Casualty insurance" defined">27-5-6</codecitation>, in Sections <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Surety insurance" defined">27-5-7</codecitation>, <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Marine insurance" defined"><codesec>27-5-8</codesec></codecitation>, <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Wet marine and transportation insurance" defined"><codesec>27-5-9</codesec></codecitation>, and <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Title insurance" defined"><codesec>27-5-10</codesec></codecitation>, and to grant annuity contracts as defined in Section <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Annuity" defined"><codesec>27-5-3</codesec></codecitation>, subject, however, to all of the following:<subsect><designator>(1)</designator> No pure captive insurance company may insure any risks other than those of its parent and affiliated companies or controlled unaffiliated business.</subsect> <subsect><designator>(2)</designator> No agency captive insurance company may insure risks other than those affiliated with the controlling insurance producer.</subsect> <subsect><designator>(3)</designator> No association captive insurance company may insure any risks other than those of the member organizations of its association, and their affiliated companies.</subsect> <subsect><designator>(4)</designator> No industrial insured captive insurance company may insure any risks other than those of the industrial insureds that comprise the industrial insured group, and their affiliated companies.</subsect> <subsect><designator>(5)</designator> No risk retention group may insure any risks other than those of its members and owners.</subsect> <subsect><designator>(6)</designator> No captive insurance company may provide personal motor vehicle coverage or any component thereof. Homeowner's insurance coverage may be written by an Alabama Coastal Captive Insurance Company as defined in Chapter 31C, but only in the gulf front, beach, and seacoast areas as designated by the Insurance Services Office, Inc.</subsect> <subsect><designator>(7)</designator> No captive insurance company may accept or cede reinsurance except as provided in Section <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline="Reinsurance"><codesec>27-31B-13</codesec></codecitation>.</subsect> <subsect><designator>(8)</designator> Any captive insurance company may provide excess workers' compensation insuranc...