Ala. Admin. Code r. 482-1-138-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-138-.03 - Annual Reporting Requirements

(1) An association captive insurance company doing business in this state shall annually submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers. The report shall be that required by Section 27-31 B-9, Code of Ala. 1975.

(2) A pure or industrial insured captive insurance company doing business in this state shall annually submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers. The report shall be that prescribed by the commissioner as "Captive Annual Statement: Pure or Industrial Insured".

(3) Association and industrial insured captives having direct premiums written of less than $1,200,000 in any calendar year and less than 1,000 policyholders or certificate holders at the end of the calendar year or assumed premiums pursuant to contracts and/or treaties of reinsurance of $1,200,000 or less may make written application to the Commissioner seeking approval for the use of an alternative financial reporting format other than that specified in Section 27-3-26, Code of Ala. 1975 and Ala. Admin. Code 482-1-097. Any association or industrial insured captive utilizing the Federal Liability Risk Retention Act to write or reinsure business either directly or indirectly outside the State of Alabama shall not be granted approval for the use of an alternative reporting format.

(4) A captive risk retention group doing business in this state shall submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers, on the same basis as a casualty insurer organized and licensed in this state and in accordance with 482-1-097-.04 and 482-1-097-.05.

Ala. Admin. Code r. 482-1-138-.03

New Rule: August 1, 2006; effective August 11, 2006. Filed with LRS August 1, 2006. Rule is not subject to the Alabama Administrative Procedure Act. Amended: August 11, 2009; effective August 24, 2009. Filed with LRS August 12, 2009. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXIV, Issue No. 10, July 29, 2016, eff. 7/31/2016.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17; 27-7-43, 27-31B-17.