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AL HB220
Bill
Status
2/16/2010
Primary Sponsor
Yvonne Kennedy
Click for details
AI Summary
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Amends Section 27-10-26 of the Alabama Code to provide an exception to the five-year business requirement for foreign and alien surplus line insurers.
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Allows foreign or alien insurers with less than five years of business experience in their state of domicile to place surplus line insurance if they make a special deposit in Alabama.
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Requires unauthorized insurers claiming the exception to deposit cash or securities with a market value of at least $1,000,000 with the Alabama Department of Insurance.
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Deposits must be held for the benefit of Alabama policyholders only and managed in the same manner as other deposits under Section 27-3-11.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Surplus line insurance, foreign and alien insurers, requirement for transacting insurance for minimum of five years in its state or country of domicile, exception under certain conditions, Sec. 27-10-26 am'd.
Insurance
Last Action
Pending third reading on day 19 Favorable from Banking and Insurance
3/4/2010