AL SB299

Repeals Sections 27-6-14 through 27-6A-2 of the Alabama Insurance Code, eliminating requirements for insurers to maintain deposits of assets and securities with the state.

Removes provisions requiring insurers to cure deficiencies in deposits within 30 days or face certificate of authority revocation by the commissioner.

Eliminates regulations governing the release and return of insurer deposits held in the state, including conditions for reinsurance and excess deposits.

Removes provisions related to the "Alabama Managing General Agents Act" and definitions applicable to managing general agents, actuaries, and related insurance business management practices.

Becomes effective immediately upon passage and approval by the Governor.