SB 301 Summary

• Repeals sections 27-5A-8 through 27-6-3 of the Alabama Insurance Code relating to reinsurance intermediaries and insurer deposits.

• Eliminates regulations governing reinsurance intermediary-manager conduct, including restrictions on retrocessions, syndicate participation, producer appointments, and claim payments.

• Removes requirements for reinsurers to obtain financial statements and actuarial opinions from reinsurance intermediary-managers, and eliminates the 30-day termination notification requirement to the commissioner.

• Repeals examination and enforcement provisions allowing the commissioner to examine reinsurance intermediaries and impose penalties up to $5,000 per violation, suspension, or license revocation.

• Takes effect immediately upon Governor's approval.