AL SB124

Amends Section 27-12A-2 to clarify the definition of insurance fraud by deleting inapplicable language regarding prohibitions on destroying records in accordance with state or federal record retention standards.

Amends Section 27-27-26 to clarify restrictions on domestic insurer officers, directors, committee members, and employees from having pecuniary interests in loans, investments, and transactions involving insurer funds.

Deletes language from the insurance fraud statute regarding deductible waivers and overcharging for goods or services, as these provisions were not applicable to that code section.

Corrects technical errors in amendments made by Act 2012-370 (relating to domestic insurer investments) and Act 2012-429 (relating to insurance fraud).

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