AL HB188

Allows 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.

Insurance companies deduct an administration fee not exceeding 3 percent of revenues before remitting net proceeds to the Alabama Firefighters Annuity and Benefit Fund.

Insurance issuers must distribute net amounts to the fund on a quarterly basis between the 1st and 15th of January, April, July, and October each year.

Fund's executive director receives net fee amounts by the 10th of each month following the month the fee is paid.

Act becomes effective immediately upon passage and gubernatorial approval.