Montgomery, AL — Alabama was selected as Domicile of the Year last week at the US Captive Review Awards.
Alabama’s first ever win in this category was due to placing in the Top 5 nationally each of the last three years in net captive formations and by approving the first rider-share captive in the nation. Alabama also licensed its 70th captive insurance company during 2018. Other factors stemming from Alabama’s innovative captive law include:
- The 60-day provisional captive license has been utilized by 28 captives and protected cells
- The modernizing of the Alabama protected cell captive statute allowed for the creation of several new protected cell captives
- Four risk retention groups have been formed using the new Alabama RRG statute
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 considered.
“We are pleased that Alabama has been recognized as the top up-and-coming domicile in the US,” said Norman Chandler, President of the Alabama Captive Association. “Led by Sean Duke at the Alabama Department of Insurance, Alabama continually leads the nation in innovation.”
Join the Alabama Captive Association for the 2019 Alabama Captive Association Annual Conference September 25-27, 2019 in Orange Beach, Alabama where a special ceremony and celebration will be held. More information about this year’s conference is available at AlabamaCaptiveConference.com.
The Alabama Captive Association, Inc., established in 2006, supports the captive industry in Alabama through education, annual conferences, and other services.