Alabama § 27-31C-9 Findings of the Commissioner

Alabama Statutes

§ 27-31C-9 — Findings of the Commissioner

Alabama § 27-31C-9

Title 27Insurance

Ch. 31CAlabama Coastal Captive Insurance Act

This text of Alabama § 27-31C-9 (Findings of the Commissioner) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-31C-9 (2026).

Text

The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the commissioner finds that the:

(1)Coastal captive insurance company is capitalized adequately or properly reinsured or both, after giving due consideration to the business plan, feasibility study, and pro formas, including the level of risk to be retained by the coastal captive insurance company;

(2)Proposed business plan of the coastal captive insurance company provides for a reasonable and expected successful operation and is not hazardous to any policyholder;

(3)Proposed business plan, including any contracts or agreements to which the coastal captive insurance company is a party, and the intended operation of the coastal captive insurance company comply with this chapter and with any ot

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The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the commissioner finds that the:
(1) Coastal captive insurance company is capitalized adequately or properly reinsured or both, after giving due consideration to the business plan, feasibility study, and pro formas, including the level of risk to be retained by the coastal captive insurance company;
(2) Proposed business plan of the coastal captive insurance company provides for a reasonable and expected successful operation and is not hazardous to any policyholder;
(3) Proposed business plan, including any contracts or agreements to which the coastal captive insurance company is a party, and the intended operation of the coastal captive insurance company comply with this chapter and with any other applicable provisions of this title; and
(4) Proposed business plan and intended operation of the coastal captive insurance company satisfy the purpose of this chapter.