HB573 Summary

• Amends Section 27-27-29 of the Alabama Code to delete the requirement that domestic insurers maintain a complete duplicate set of records in Alabama if their principal place of business is located outside the state.

• Eliminates the requirement that domestic insurers with out-of-state principal offices maintain an in-state office managed by one or more company officers.

• Requires domestic insurers with executive offices outside Alabama to maintain suitable and customary records and make them available to the Alabama Insurance Commissioner upon reasonable notice.

• Permits domestic insurers to establish and maintain branch offices or "regional home offices" in other states while keeping detailed records and assets customary for servicing insurance in those territories, available for commissioner examination upon request.

• Becomes effective immediately upon passage and approval by the Governor.