By
The Associated Press
.
Published: Tue, October 21, 2008 - 2:33 pm
ROBERTSDALE, Ala. (AP) - State Revenue Commissioner Tim Russellsays the answer to the insurance crisis in coastal communities may
be for the state and cities to work together to form captive
companies.
Russell is the former mayor of Foley. He made the comments
Monday at a gathering of local and state officials.
State Senator Ben Brooks of Mobile said today Russell's plan
could be implemented thanks to a bill passed by the Legislature in
May. That bill allows captive insurance companies to sell
residential insurance along the coast. State law had previously
limited captive companies to insuring commercial properties.
A captive insurance company is one that is limited to insuring a
certain geographical area.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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