ALABAMA RECOGNIZED AS DOMICILE OF THE YEAR
10/26/2021
The state of Alabama has been awarded Domicile of the Year by Captive International.
The awards were announced Oct. 20.
“Alabama’s accomplishments as a captive domicile are the product of the hard work and dedication of the department’s captive staff and the Alabama Captive Insurance Association,” said Sean Duke, of the Alabama Department of Insurance’s Examinations Division. “The combination of the two has produced a reasonable and responsive regulatory environment that continues to attract companies.”
There are 30 domiciles across the United States, each with their own captives legislation.
The awards noted the passage of “transformational legislation” in 2021 which “expanded the state’s offering with three new categories of captives, while also lowering the minimum capital requirement to $100,000 for single parent captives and protected cell captives.”
“This is a great day for our state and the Alabama Department of Insurance. Captives are a rapidly-growing part of Alabama’s insurance industry and they are becoming an important part of our state’s economy,” said Insurance Commissioner Jim Ridling. “I want to congratulate the captive insurance industry in Alabama on their success and thank Captive International for their recognition of this Department and its dedicated and professional employees.”
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