Alabama legislation · 2026 Regular Session
Alabama HB415: Department of Insurance; additional requirements for captive insurers specified
Status: Signed into law, April 15, 2026
What the bill says
An Act, Relating to insurance, to amend Sections 27-31B-3, 27-31B-6, 27-31B-8, 27-31B-9, and 27-31B-16, Code of Alabama 1975; to impose additional requirements on captive insurers; to require notice of any subsequent material change in any of the items required to be submitted; to increase the minimum paid in capital certain captive insurers are required to maintain…
From the enrolled text:
An Act, Relating to insurance, to amend Sections 27-31B-3, 27-31B-6, 27-31B-8, 27-31B-9, and 27-31B-16, Code of Alabama 1975; to impose additional requirements on captive insurers; to require notice of any subsequent material change in any of the items required to be submitted; to increase the minimum paid in capital certain captive insurers are required to maintain; to require the commissioner to take into consideration the competence of the captive manager and legal counsel of the captive insurer and to consider the company's business plan when determining whether the company will promote the general good of the state; and to require licensed captive insurers to annually file an audited financial statement and an actuarial certification of loss reserves and loss expense reserves. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. Sections 27-31B-3, 27-31B-6, 27-31B-8, and 27-31B-9, Code of Alabama 1975, are amended as follows: "§27-31B-3 (a) Any captive insurance company, when permitted by its articles of association, charter, or other organizational document, may apply to the commissioner for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5, in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10, and to grant annuity contracts as defined …
Sponsors
- Ellis, Corley (R, HD-041) · primary sponsor
Latest actions
- : Enacted
- : Delivered to Governor
- : Signature Requested
- : Enrolled
- : Ready to Enroll
- : Motion to Read a Third Time and Pass - Adopted Roll Call 1204
- : Third Reading in Second House
- : Read for the Second Time and placed on the Calendar
- : Reported Out of Committee Second House
- : Read for the first time
Votes
- Senate Roll Call #1204 (April 7, 2026): 34 yea, 0 nay, passed
- Senate Roll Call #1203 (April 7, 2026): 34 yea, 0 nay, passed
- House Roll Call #828 (March 10, 2026): 101 yea, 2 nay, passed
- House Roll Call #827 (March 10, 2026): 101 yea, 0 nay, passed
- House Roll Call #826 (March 10, 2026): 98 yea, 1 nay, passed
- House Roll Call #825 (March 10, 2026): 103 yea, 0 nay, passed
Subjects: Insurance
Common questions
- What is HB415?
- HB415 is a bill in the Alabama Legislature (2026 Regular Session): Department of Insurance; additional requirements for captive insurers specified.
- What does HB415 do?
- In its own words: An Act, Relating to insurance, to amend Sections 27-31B-3, 27-31B-6, 27-31B-8, 27-31B-9, and 27-31B-16, Code of Alabama 1975; to impose additional requirements on captive insurers; to require notice of any subsequent material change in any of the items required to be submitted; to increase the minimum paid in capital certain captive insurers are required to maintain…
- What is the status of HB415?
- Signed into law as of April 15, 2026. Latest action: Enacted (April 15, 2026).
- Who sponsored HB415?
- Ellis, Corley (R, HD-041).
- Where is the official record for HB415?
- On the Alabama Legislature website: https://alison.legislature.state.al.us/instrument/2026RS/HB415
Source: official Alabama record. Tracked by Delilah, AI for legislation across all 50 states and Congress.