(a) Notwithstanding any other method authorized by law, a foreign or alien captive insurance company may become a domestic captive insurance company by complying with all of the requirements of this chapter relative to the organization and licensing of a domestic captive insurance company of the same type with the approval of the commissioner. A company redomesticating to this state pursuant to this section may be organized under any lawful corporate form permitted by this chapter.
Terms Used In Alabama Code 27-31B-27
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(b) A redomestication pursuant to this section shall be authorized for captive insurance companies domiciled in foreign or alien jurisdictions that authorize the redomestication of captive insurance companies where, as a result of the actions taken by the company pursuant to this section to redomesticate to this state, shall no longer be a domestic legal entity of foreign or alien jurisdiction. A company seeking to redomesticate under this section must also provide evidence in a form satisfactory to the commissioner that the applicable regulatory authority of its domicile consents to the redomestication.(c) Upon the completion of a redomestication under this section, the captive insurance company shall be subject to the laws of this state and shall be considered domiciled in this state. The captive insurance company shall be deemed to have a formation date corresponding to its original formation date in the foreign or alien domicile.(d) For the purposes of examination, any examination conducted by the foreign or alien domicile that is substantially similar in scope to an examination that would have been done in this state had the company been domiciled in this state shall be recognized for the purposes of determining an examination period pursuant to Section 27-31B-10(a).(e) This section shall not be the exclusive means of redomesticating an insurance company to this state and shall not restrict the ability of an insurance company to undergo a merger, consolidation, transfer of assets and liabilities, or utilize any other means permitted by law to effect the transfer of operations of a foreign or alien insurance company to this state.
