SB 341 Summary

• Repeals Sections 27-2B-10 to 27-3-2 of the Alabama Insurance Code, which contain provisions related to Risk-Based Capital (RBC) requirements and insurer certificates of authority.

• Eliminates requirements for the Insurance Commissioner to adopt rules, implement RBC reporting procedures, and exempt small domestic property and casualty insurers meeting specified criteria (writing $2 million or less in annual premiums and assuming no more than 5% reinsurance).

• Removes provisions requiring foreign insurers to submit RBC reports upon request and establishes the Commissioner's authority to order foreign insurers to cease writing new business for failing to file RBC plans.

• Eliminates immunity protections for the Commissioner and Department of Insurance from liability related to actions taken under the repealed RBC chapter.

• Makes the repeal effective immediately upon the Governor's approval or upon becoming law.