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Alabama Senate to vote on captive insurance bill

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Alabama Senate to vote on captive insurance bill

The Alabama Senate will vote on a bill that would place an annuallimit of $100,000 on the annual premium tax captives, Business Insurance reported March 29.

The state House reportedly passed the bill in the week of March21.

The proposed legislation would also exempt newly formed captivesfrom premium taxes for one year and allow the formation of risk retention groupsin the state.