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AL HB201
Bill
Status
3/9/2011
Primary Sponsor
John Merrill
Click for details
AI Summary
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Allow a voluntary $3 annual fee to be added to property and casualty insurance policies issued or renewed in Alabama through a checkoff box on policy billing.
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Insurance companies deduct an administration fee not to exceed 3% of revenues before distributing net proceeds to the Alabama Firefighters Annuity and Benefit Fund.
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Insurance issuers must distribute collected net fees to the fund on a quarterly basis between January 1-15, April 1-15, July 1-15, and October 1-15 of each year.
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Insurance companies remit net fee amounts to the fund's executive director by the tenth day of each month following collection.
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The act becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Firefighters Annuity and Benefit Fund, property and casualty insurance policy, voluntary contribution on policy billing provided for
Firefighters Annuity and Benefit Fund
Last Action
Read for the first time and referred to the House of Representatives committee on Insurance
3/9/2011