AL SB339

Repeals sections 27-2B-6 through 27-2B-9 of the Alabama Insurance Code related to risk-based capital (RBC) requirements for insurers.

Eliminates provisions defining "authorized control level events" and "mandatory control level events" that trigger regulatory action by the insurance commissioner.

Removes requirements for insurers to file RBC reports and plans, and eliminates the commissioner's authority to issue corrective orders based on RBC analysis.

Eliminates the right of insurers to request departmental hearings to challenge RBC-related determinations and corrective orders issued by the commissioner.

Takes effect immediately upon passage and approval by the Governor.