AL SB302

Repeals sections 27-5A-4 through 27-5A-7 of the Alabama Insurance Code relating to reinsurance intermediary-brokers and reinsurance intermediary-managers.

Eliminates requirements for written authorization between reinsurance intermediary-brokers and insurers, including provisions for termination rights, accurate accounting of transactions, fiduciary fund handling, and disclosure of reinsurer relationships.

Removes 10-year record retention requirements for reinsurance intermediary-brokers covering contract details, commission rates, placement documentation, and financial records.

Eliminates requirements for reinsurance intermediary-managers regarding written contracts approved by reinsurer boards, monthly fund remittance, separate bank accounts per reinsurer, and Commissioner approval of contracts.

Becomes effective immediately upon passage and approval by the Governor.