AL SB300

Repeals Sections 27-6-4 through 27-6-13 of the Alabama Insurance Code relating to insurance deposit requirements and procedures.

Eliminates provisions requiring insurers to deposit securities and assets with the State Treasurer through the Insurance Commissioner.

Removes requirements for the State Treasurer to hold and safekeep insurance deposits in designated vaults or safe deposit boxes in Montgomery.

Eliminates procedures for assigning, transferring, and managing deposited securities, including powers of attorney and appraisal processes.

Takes effect immediately upon passage and approval by the Governor, or upon otherwise becoming law.