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AL SB126
Bill
Status
2/5/2013
Primary Sponsor
Slade Blackwell
Click for details
AI Summary
SB126 Summary
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Increases the risk-based capital (RBC) trend test trigger for life and health insurers from 2.5 times to 3.0 times the authorized control level RBC amount.
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Extends company action level event requirements to property and casualty insurers when their RBC report indicates total adjusted capital between the company action level and 3.0 times the authorized control level RBC, with a triggered trend test.
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Corrects citation error in Section 27-2B-2 by changing reference from subsection (c) to subsection (e) of Section 27-2B-3.
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Makes clarifying nonsubstantive changes to insurance capital and RBC reporting provisions in the Code of Alabama 1975.
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Effective immediately upon passage and approval by the Governor.
Legislative Description
Insurance Department, casualty insurance companies, capital requirements, subject to certain action level events, Secs. 27-2B-2, 27-2B-3, 27-2B-4 am'd.
Insurance
Last Action
Indefinitely Postponed
5/7/2013