Eight months after it declared a moratorium on the licensing of captive insurance companies and risk retention groups, the Alabama Department of Insurance has posted a clarification.
The March bulletin and an extension of the moratorium issued in September do not apply to foreign (non-Alabama) risk retention groups, Insurance Commissioner Mark Fowler said in the latest bulletin, released Thursday.
“Such applications will be processed by the Department in the ordinary course notwithstanding the moratorium stated in Bulletins 2025-01 and 2025-05,” the bulletin reads.
Further explanation was not provided. The DOI has not publicly offered a reason for the moratorium, which came at a time that several other states, including North Carolina and Tennessee, have encouraged more captives and have touted the number of captive companies already domiciled in those states.
Topics Alabama
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