Alabama

Alabama

[Last updated: 15/07/16]
Regulatory contact:
Sean Duke
201 Monroe St, Suite 502, Montgomery, AL  36104
Telephone Number 334-241-4165
Email Address sean.duke@insurance.alabama.gov
Website www.aldoi.gov



Name of Captive Legislation
--
 
Year Legislation Passed                               
2006; Amended 2016
 
Recent Amendments    
Act 2016-191
 
Do you allow Cell Captives?      
Yes
 
Total Number of Licenced Captives 
41- See below for breakdown.
 
Number of Risk Retention Groups or Group Captives    
None
 
Number of Single Parent Captives          
39
 
Number of Cell Captives             
2
 
Number of licences granted in the past year (2015 calendar year)           
6
 
Approximate (or Average) length of time to process a new captive 
7 business days
 
Captive tax rates 
Direct: 0.4% first $20m; 0.3% next $20m; 0.2% next $20m; 0.075% all over $60m.
Reinsurance: 0.225% first $20m; 0.15% next $20m; 0.05% next $20m; 0.025% all over $60m. No reinsurance tax if premium subject to direct taxation. No tax on annuities. $5,000 minimum annual tax. Two or more Direct: 0.4% first $20m; 0.3% next $20m; 0.2% next $20m; 0.075% all over $60m.
 
Reinsurance: 0.225% first $20m; 0.15% next $20m; 0.05% next $20m; 0.025% all over $60m. No reinsurance tax if premium subject to direct taxation. No tax on annuities. $5,000 minimum annual tax. Two or more Direct: 0.4% first $20m; 0.3% next $20m; 0.2% next $20m; 0.075% all over $60m. Reinsurance: 0.225% first $20m; 0.15% next $20m; 0.05% next $20m; 0.025% all over $60m. No reinsurance tax if premium subject to direct taxation. No tax on annuities. $5,000 minimum annual tax if business is written. Two or more captives under common ownership taxed as one.  Dollar for dollar credits for examination expenses and business privilege tax in the years they were paid.  Premium tax capped at $100,000. 
 
Minimum capitalisation rate
Pure $250,000; Association $500,000; Industrial $500,000; Protected Cell $250,000; Reciprocal $1,000,000; Commissioner can require more based on type, volume and nature of business
 
Licencing fees
$200 application fee
$300 license fee
 
 
Industry sectors best represented in the domicile
Various
 
Top uses for Captives in domicile  
No specific concentration in any single sector.
 
Total premiums received by the Captives           
Direct- $35,616,304 
Reinsurance- $48,556,814
 
Captive Insurance Managers registered to conduct business in domicile


Arsenal Insurance Management LLC

Arthur J Gallagher Risk Management Services Inc.

ARTEX Risk Solutions, Inc.

NCRMA SERVICES CORPORATION

MIJS Captive Management, LLC

ACTIVE CAPTIVE MANAGEMENT LLC

Intuitive Captive Solutions, LLC

CIC SERVICES LLC

HERITOR MANAGEMENT LTD

CIC Management LTD

Jade Risk LLC

Carr Riggs & Ingram LLC

Iroquois Captive Services LLC

Sanford-Bodden, LLC

KeyState Captive Management LLC

Harmon Dennis Bradshaw, Inc.

Alabama Farmers Cooperative, Inc.

STRATEGIC RISK SOLUTIONS INC

D & O Services LTD

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