Alabama Ups Fees for Captives, Adopts New Valuation Manual

The Alabama Department of Insurance has set new fees for captive insurers and has adopted a new valuation manual.

The department announced last week that starting Jan. 1, the application fee for captive insurers will climb from $200 to $240. The initial and renewal license fee also will rise, from $300 to $360.

The regulations for captives can be seen here.

The agency also adopted the National Association of Insurance Commissioners’ 2022 version of the valuation manual, effective Jan. 1.