Section 27-31B-23 Qualification of sponsors. - Alabama Statutes

Section 27-31B-23

Qualification of sponsors.

A sponsor of a sponsored captive insurance company shall be an insurer licensed under the laws of any state, a reinsurer authorized or approved under the laws of any state, or a captive insurance company formed or licensed under this chapter. A risk retention group may not be either a sponsor or a participant of a sponsored captive insurance company.

(Act 2006-509, p. 1153, §1.)