Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-138 - CAPTIVE INSURERS
Section 482-1-138-.17.1 - Captive Risk Retention Groups
Universal Citation: AL Admin Code R 482-1-138-.17.1
Current through Register Vol. 42, No. 5, February 29, 2024
(1) In addition to any requirements in Code of Ala. 1975, Sections §§ 27-31B-1, et. seq., Alabama domiciled risk retention groups formed as captives are subject to the following chapters and sections of the Alabama Insurance Code, Title 27, Code of Ala. 1975:
(a) The following
sections in Chapter 2, Examinations:
1.
§
27-2-20. Examinations - Power
Generally.
2.
§
27-2-22. Examinations -
Examiners.
3.
§
27-2-23. Examinations - How
Conducted.
4.
§
27-2-24. Examinations - Report;
confidentiality of information.
5.
§
27-2-26. Witnesses and evidence
for examination, investigation or hearing - Generally.
(b) All of Chapter 2A, Disclosure of Material
Transactions, but only in the event the transaction did not require disclosure
pursuant to Rule
482-1-138-.16.
(c) The following sections in Chapter 2B,
Risk-Based Capital for Insurers:
1.
§
27-2B-2. Definitions.
2.
§
27-2B-3. Preparation and
submission of RBC report; formulas; desirability of excess capital; adjustment
of inaccurate RBC report.
3.
§
27-28-4. Company action level
event; preparation and submission of RBC plan or revised RBC plan; notification
of unsatisfactory filing; copies of plans.
4.
§
27-2B-5. Regulatory action level
event; commissioner's duties; determination of corrective actions; retention of
consultants.
5.
§
27-2B-6. Authorized control level
event; commissioner's duties.
6.
§
27-2B-7. Mandatory control level
event; commissioner's duties.
7.
§
27-2B-8. Right to departmental
hearing; notification of request for hearing.
8.
§
27-2B-9. Confidentiality of
reports and plans; information sharing agreements; publication of RBC levels
prohibited; use of reports and plans by commissioner.
9.
§
27-2B-10. Relationship to other
laws; adoption of rules; exemptions.
10.
§
27-2B-12. Liability of
commissioner or Department of Insurance.
11.
§
27-2B-13. Effectiveness of notice
to insurer.
(d) The
following section in Chapter 3, Authorization of Insurers:
1.
§
27-3-26.1. Annual statement to
include statement of qualified independent loss reserve
specialist.
(e) The
following section in Chapter 5, Kinds of Insurance; Limits of Risk;
Reinsurance:
1.
§
27-5-11 Limits of
Risk.
(f) The following
sections in Chapter 5B, Credit for Reinsurance:
1.
§
27-5B-4. Licensed
Reinsurer.
2.
§27-SB-5.
Accredited Reinsurer.
3.
§27-SB-6. Reinsurer domiciled in state with substantially similar
law.
4.
§
27-5B-7. Reinsurer maintaining a
trust fund.
5.
§
27-5B-8. Certified
Reinsurer.
6.
§
27-5B-10. Reinsurer not licensed,
accredited or certified - Additional reinsurance agreement
requirements.
7.
§
27-5B-13. Concentration
risk.
(g) All of Chapter
6A, Managing General Agents.
(h) All of Chapter 6B, Business Transacted
with Producer Controlled Property and Casualty Insurer Law.
(i) The following sections in Chapter 27,
Organization and Corporate Procedures of Stock and Mutual Insurers:
1.
§
27-27-37. Dividends - Domestic
stock insurers.
2.
§
27-27-38. Dividends - Domestic
mutual insurers.
(j) The
following sections in Chapter 29, Insurance Holding Company Systems:
1.
§
27-29-1. Definitions.
2.
§
27-29-2. Subsidiaries and
affiliates of domestic insurers.
3.
§
27-29-3. Acquisition of control
of, or merger with, domestic insurers.
4.
§
27-29-3.1. Acquisition involving
change in control of insurer authorized to do business in Alabama;
pre-acquisition notification; violation of competitive standards.
5.
§
27-29-4. Registration of
insurers.
6.
§
27-29-5. Transactions of insurers
with affiliates; adequacy of surplus; dividends and other
distributions.
7.
§
27-29-6. Registered insurers -
Examination of records, etc., of insurer or affiliates.
8.
§
27-29-6.l. Registered insurers -
Supervisory colleges.
9.
§
27-29-6.2. Group-wide supervisor
for internationally active insurance group.
10.
§
27-29-7. Confidentiality of
documents, materials, or other information; powers of commissioner; disclosure
and sharing of documents, etc.
11.
§
27-29-9. Injunctions; prohibitions
against voting securities; sequestration of voting securities.
12.
§
27-29-11.1. Recovery rights of
receivers.
(k) The
following sections in Chapter 31A, Risk Retention Act:
1.
§
27-31A-3.1 Risk retention groups
to comply with governance standards.
2.
§
27-31A-4(4), (6) and
(7) Risk retention groups not chartered in
this state.
(l) All of
Chapter 32, Rehabilitation, Reorganization, Conservation, and Liquidation of
Insurers.
(m) The following
sections in Chapter 36, Liabilities:
1.
§
27-36-1 Liabilities
generally.
2.
§
27-36-3 Unearned premium reserve -
Property, general casualty and surety insurance.
3.
§
27-36-4 Unearned premium reserve-
Marine and transportation insurance.
4.
§
27-36-6 Increase of inadequate
loss reserves.
(n) All of
Chapter 37, Assets.
(o) All of
Chapter 41, Investments of Domestic Insurers and Health Maintenance
Organizations.
(p) All of Chapter
62, Insurance Data Security Law.
(2) The following regulations shall also be applicable to Alabama domiciled risk retention groups formed as captives:
(a) Chapter 482-1-055, Insurance Holding
Company System Regulation with Reporting Forms and Instructions.
(b) Chapter 482-1-060, Only Admissible Assets
Shall be Reported on Annual Statements.
(c) Chapter 482-1-077, Custodial Agreements
and the Use of Clearing Corporations by Domestic Insurance Companies.
(d) Chapter 482-1-094, Surplus
Notes.
(e) Chapter 482-1-097, NAIC
Accounting Practices and Procedures and Insurer Reporting
Requirements.
(f) Chapter
482-1-098, Valuation of Investments.
(g) Chapter 482-1-100, Requirement for Annual
Audited Financial Reports.
(h)
Chapter 482-1-101, Standards for Determining Hazardous Financial
Condition.
(i) Chapter 482-1-102,
Participation in the NAIC Insurance Regulatory Information System
(IRIS).
(j) Chapter 482-1-103,
Conduct of Examinations and Filing of Reports of Examination.
(k) Chapter 482-1-106, Managing General
Agents.
(l) Chapter 482-1-118,
Record Retention for Financial Audits and Time Limits for Response to Inquiries
from Examiners.
(m) All of Chapter
482-1-141, Annual Financial Reporting, with the exception of Rule
482-1-141-.14.
(n) Chapter 482-1-142, Biographical Data
Relating to Company Officers and Directors.
(o) Chapter 482-1-149, Property and Casualty
Actuarial Opinion on Loss Reserves.
(p) Chapter 482-1-156, Credit for
Reinsurance.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§ 27-2-17; 27-31B-17.
Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.