SB 346 Summary

• Repeals Sections 27-5-7 through 27-5-11 of the Alabama Insurance Code relating to surety insurance, marine insurance, wet marine and transportation insurance, title insurance, and risk retention limits.

• Removes statutory definitions of surety insurance coverage including fidelity insurance, contract performance guarantees, and indemnification for financial institutions against loss of valuable papers and precious metals.

• Eliminates definitions of marine insurance coverage for vessels, cargo, precious stones, and related maritime risks including marine protection and indemnity insurance.

• Removes the requirement that insurers retain no more than 10 percent of surplus to policyholders on any single subject of insurance, with related exemptions and deductions.

• Becomes effective immediately upon passage and approval by the Governor.