State Codes and Statutes
Statutes > Alabama > Title27 > Chapter31B > 27-31B-24Section 27-31B-24
Participants in sponsored captive insurance companies.
(a) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a sponsored captive insurance company formed or licensed under this chapter.
(b) A sponsor may be a participant in a sponsored captive insurance company.
(c) A participant need not be a shareholder of the sponsored captive insurance company or an affiliate of the company.
(d) A participant shall insure only its own risks through a sponsored captive insurance company.
(Act 2006-509, p. 1153, §1.)