SB347 Summary

• Repeals Section 27-5-12 of the Alabama Insurance Code, which governed reinsurance acceptance, retention limits, and credit allowances for domestic ceding insurers.

• Eliminates detailed regulations on when credit for reinsurance could be allowed, including requirements for assuming insurers to be licensed, maintain surplus amounts, establish trust funds, and submit to state examination.

• Removes provisions requiring assuming insurers to maintain minimum surplus of $20,000,000 for individual insurers and $100,000,000 for groups of underwriters.

• Eliminates trust fund requirements for non-licensed assuming insurers, including annual reporting to the commissioner and trust certification deadlines.

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