Section 27-31B-20 Rules for controlled unaffiliated business. - Alabama Statutes

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Section 27-31B-20

Rules for controlled unaffiliated business.

The commissioner shall adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company. Until the rules under this section are adopted, the commissioner may by temporary order grant authority to a pure captive insurance company to insure risks.

(Act 2006-509, p. 1153, §1.)

State Codes and Statutes

Statutes > Alabama > Title27 > Chapter31B > 27-31B-20

Section 27-31B-20

Rules for controlled unaffiliated business.

The commissioner shall adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company. Until the rules under this section are adopted, the commissioner may by temporary order grant authority to a pure captive insurance company to insure risks.

(Act 2006-509, p. 1153, §1.)

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State Codes and Statutes

Statutes > Alabama > Title27 > Chapter31B > 27-31B-20

Section 27-31B-20

Rules for controlled unaffiliated business.

The commissioner shall adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company. Until the rules under this section are adopted, the commissioner may by temporary order grant authority to a pure captive insurance company to insure risks.

(Act 2006-509, p. 1153, §1.)