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Ala. Code § 27-31B-27 (1975) Redomestication of Captive Insurance Companies
Library | Alabama Statutes |
Edition | 2023 |
Currency | Current with legislation from the 2023 Regular and Special Sessions. |
Year | 2023 |
Citation | Ala. Code § 27-31B-27 (1975) |
(a) Notwithstanding any other method authorized by law, a foreign or alien captive insurance company may become a domestic captive insurance company by complying with all of the requirements of this chapter relative to the organization and licensing of a domestic captive insurance company of the same type with the approval of the commissioner. A company redomesticating to this state pursuant to this section may be organized under any lawful corporate form permitted by this chapter.
(b) A redomestication pursuant to this section shall be authorized for captive insurance companies domiciled in foreign or alien jurisdictions that authorize the redomestication of captive insurance companies where, as a result of the actions taken by the company pursuant to this section to redomesticate to this state, shall no longer be a domestic legal entity of foreign or alien jurisdiction. A company seeking to redomesticate under this section must also provide evidence in a form satisfactory to the commissioner that the applicable regulatory authority of its domicile consents to the redomestication.
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