Alabama State Senator Greg Reed (R-Jasper) and State Representative David Faulkner (R-Birmingham) were honored yesterday in Birmingham 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. Mr. Duke (pictured third from the left) 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 (pictured far left) 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 (37) captive insurance companies are domiciled in the State of Alabama.
The mission of the Alabama Department of insurance is to serve the people of Alabama by regulating the insurance industry, providing consumer protection, promoting market stability, and enforcing fire safety standards and laws. For more information about the Alabama Department of Insurance, please visit www.aldoi.gov or call (334) 269-3550.