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2022 Code of Alabama
Title 27 - Insurance.
Chapter 31B - Alabama Captive Insurers Act.
Section 27-31B-24 - Participants in Protected Cell Captive Insurance Companies.
Universal Citation: AL Code § 27-31B-24 (2022)
Section 27-31B-24
Participants in protected cell captive insurance companies.
(a) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a protected cell captive insurance company formed or licensed under this chapter.
(b) A sponsor may be a participant in a protected cell captive insurance company.
(c) A participant need not be a shareholder of the protected cell captive insurance company or an affiliate of the company.
(d) A participant shall insure only approved risks through a protected cell captive insurance company.
(Act 2006-509, p. 1153, §1; Act 2016-191, §1.)
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