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Alabama Senate to take up captive insurance bill

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The Alabama Senate is expected to soon take up legislation passed unanimously by the state House of Representatives last week to update the state’s 10-year-old captive insurance company statute.

Under the measure, H.B. 270, approved on a 98-0 vote by the Alabama House, a $100,000 annual cap would be imposed on the annual premium tax captives could be assessed.

In addition, newly formed captives would be exempt from premium taxes for one year, while risk retention groups could be formed in the state.