Montgomery, AL — For the second consecutive year, Alabama made the shortlist for Domicile of the Year in the US Captive Review Awards.
This award includes domiciles that are home to less than $5 billion of gross written premium, whether onshore or offshore, and are serving American owned captives. Judges look for evidence that the highest standards of regulation are implemented, alongside an established insurance framework. Innovation in regulatory acts passed during the judging period and new formations are also considered.
Last year, Alabama’s net captive and protected cell formations placed Alabama in the Top 5 nationally based on publicly available data. During 2018, Alabama licensed its 70th captive insurance company.
Several of the features contained in the latest revision to the Alabama Captive Act continue to have heavy utilization:
- The 60-day provisionalcaptive license has been utilized by 28 captives and protected cells
- The modernizing of the Alabama protected cell captive statute allowed for the creation ofseveral new protected cell captives
- Four risk retention groupshave been formed using the new Alabama RRG statute
“We are pleased that Alabama has been recognized again for the strong domicile that it is,” said Alabama Captive Association President Norman Chandler. “Led by Sean Duke at the Alabama Department of Insurance, Alabama has become one of the more sought-after domiciles in the US.”
The Alabama Captive Association will hold the 2019 Alabama Captive Association Annual Conference September 25-27, 2019 in Orange Beach, Alabama.
About the Alabama Captive Association, Inc.
The Alabama Captive Association, Inc., established in 2006, supports the captive industry in Alabama through education, annual conferences, and other services.