AL SB337

Repeals Sections 27-3-12 to 27-3-16 of the Alabama Insurance Code, effective immediately upon passage and approval by the Governor.

Eliminates deposit requirements for surety insurers, including the $50,000 minimum deposit with the state treasurer for holders of surety obligations.

Removes deposit requirements for foreign title insurers, which previously had to maintain $50,000 deposits with approved banks or trust companies in the state.

Eliminates provisions governing alien insurer deposits and trustee requirements within the United States, including the $300,000 minimum deposit requirement.

Removes regulatory framework for Lloyd's syndicate underwriting operations, including minimum capital, risk concentration limits, and financial reporting requirements for individual underwriters.