SB479 Summary

• Repeals sections 27-1-1 through 27-1-10 of the Alabama Insurance Code, which contain foundational provisions including the title statement, key definitions, and scope provisions.

• Eliminates definitions of core insurance terms such as "insurance," "insurer," "person," "authorized insurer," and "transact" from the Alabama Insurance Code.

• Removes exemptions provisions that excluded domestic mutual aid associations, fraternal benefit societies, and certain other organizations from insurance code requirements.

• Repeals provisions regulating life insurance company investments in mortgages, real estate, loans guaranteed under the Service Men's Readjustment Act of 1944, and Federal Housing Administration loans.

• Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.