AL SB230

Provides nonrefundable insurance premium tax credits to private homeowner insurance carriers who write wind and hail coverage policies in Alabama counties contiguous to the Gulf of Mexico and Mobile Bay.

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

Applies only to properties that are insured under the Alabama Insurance Underwriting Association at the time of policy writing and limits credit to one claim per structure per taxable year regardless of number of policies.

Requires insurance carriers to provide homeowners premiums at least 12 percent lower than the Alabama Wind Pool Plan premium amount to qualify for the credits.

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