AL SB334

Repeals Sections 27-3-26 to 27-3-29 of the Alabama Insurance Code, effective immediately upon passage and approval.

Section 27-3-26 required authorized insurers to file annual financial statements with the commissioner by March 1 and imposed penalties of $250.00 for late filing.

Section 27-3-26.1 required property or casualty insurers to include statements from qualified independent loss reserve specialists in their annual filings.

Section 27-3-27 required insurers to conduct business in Alabama only through duly licensed insurance producers, with exceptions for title insurance and common carrier transportation coverage.

Section 27-3-29 established retaliatory provisions allowing Alabama to impose equivalent taxes, fees, and requirements on out-of-state or foreign insurers that exceed requirements placed on Alabama insurers.