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AL HB225
Bill
Status
5/7/2013
Primary Sponsor
David Sessions
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AI Summary
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Amends Section 27-41-39 of the Code of Alabama 1975 to exempt cash equivalents from quality and diversity investment requirements for foreign and alien insurers authorized to conduct business in Alabama.
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Defines "cash equivalents" as investments with a maturity of 90 days or less that are highly rated by a nationally recognized statistical rating organization approved by the Commissioner of Insurance.
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Requires cash equivalents to be highly liquid, readily convertible to known amounts of cash without penalty, and present insignificant risk of change in value.
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Became effective immediately upon passage and approval by the Governor.
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Passed the House on 09-APR-13 and the Senate on 02-MAY-13.
Legislative Description
Insurance, out-of-state insurers, investments, cash equivalents exempted from quality and diversity requirements, Sec. 27-41-39 am'd.
Insurance
Last Action
Delivered to Governor at 12:20 p.m. on May 7, 2013.
5/7/2013