AL HB123

Allows personal lines insurers authorized in Alabama to implement rate filings that increase or decrease rates by no more than 12 percent in aggregate across all coverages, effective immediately upon filing rather than requiring prior Commissioner approval.

Limits expedited rate filings to one per individual line of insurance per 12-month period, unless combined with other filings within the same period the total does not exceed 12 percent.

Presumes rate filings compliant with state law unless the Commissioner of Insurance determines within 30 days that the filing is unreasonably high, inadequate, or unfairly discriminatory, and any order issued after 30 days applies only prospectively.

Requires insurers to provide written notice at least 30 days before policy renewal when implementing rate increases and allows premium payment to serve as consent for the increase.

Becomes effective on the first day of the third month following passage and gubernatorial approval.