Section 27-31B-24 - Participants in protected cell captive insurance companies(a) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a protected cell captive insurance company formed or licensed under this chapter.(b) A sponsor may be a participant in a protected cell captive insurance company.(c) A participant need not be a shareholder of the protected cell captive insurance company or an affiliate of the company.(d) A participant shall insure only approved risks through a protected cell captive insurance company.Ala. Code § 27-31B-24 (1975)
Amended by Act 2016-191,§ 1, eff. 7/1/2016.Act 2006-509, p. 1153, §1.