SB300 Summary

• Deletes the requirement for domestic insurers with principal places of business located outside Alabama to maintain duplicate records and keep an office managed by company officers within the state.

• Allows domestic insurers to maintain executive offices outside Alabama with written permission from the Insurance Commissioner, with all records kept at such offices made available to the Commissioner upon reasonable notice.

• Permits insurers to establish and maintain branch offices or "regional home offices" in other states with detailed records and assets available for examination by the Commissioner upon request.

• Allows insurers to deposit funds and assets outside Alabama as required by law or in the regular course of business, including retention of securities in depositories outside the state for safekeeping.

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