22 September 2016Law & regulation

Alabama Captive Association honours two state representatives for update to Alabama’s Captive Law

Alabama State Senator Greg Reed and State representative David Faulkner have been honoured by the Alabama Captive Association for their work on passage of a major update to Alabama’s Captive Law.

The legislation, House Bill 270, passed both Houses of the Alabama Legislature in the 2016 Regular Session without a single dissenting vote.

Alabama Department of Insurance department examiner, Sean Duke, presented the award to Representative Faulkner at the meeting.

Duke served as an expert resource to the Association and the bill’s sponsors as well as the House and Senate insurance committees as the bill moved through the legislative process. Alabama Captive Association executive director, Norman Chandler, was on hand for the presentations.

House Bill 270 provided the first major update to Alabama’s captive statute since the original act passed in 2006. The new law is intended make it easier for captive insurance companies to locate in Alabama. Currently, thirty-seven captive insurance companies are domiciled in the State of Alabama.