AL SB232

Prohibits application of hurricane deductibles or percentage deductibles for wind and hail damage unless caused by a named hurricane or tropical storm as declared by the National Hurricane Center.

Requires personal lines insurance policies offering percentage deductibles for wind and hail peril to provide a voluntary buy-back provision that is actuarially sound and does not exceed one percent of dwelling limits.

Allows the Commissioner of Insurance to grant waivers from the buy-back provision requirement if an insurance company demonstrates it is in the best interest of Alabama policyholders.

Establishes penalties for violations including fines up to $10,000 per separate violation and potential revocation or suspension of the insurer's license.

Directs the Department of Insurance to promulgate rules necessary to implement and administer the requirements; effective immediately upon passage and approval.