AL HB458

Provides nonrefundable insurance premium tax credits to private insurers who write homeowners policies with wind and hail coverage in Alabama counties contiguous to the Gulf of Mexico and Mobile Bay, but only for properties previously insured through the Alabama Insurance Underwriting Association.

Credits equal 20 percent of insurance premium taxes otherwise due in Zone 4 and 35 percent of taxes otherwise due in Zones 1, 2, and 3.

Limits credit to one claim per structure per taxable year regardless of the number of policies written on that structure.

Applies only to new policies issued with effective dates after the act's effective date and requires insurers to provide information to the Department of Insurance to demonstrate eligibility.

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