SB348 Summary

• Repeals Section 27-5-13 of the Alabama Insurance Code, which prohibited insurance companies from denying coverage to applicants with sickle-cell anemia diagnoses and required payment of valid claims for sickle-cell treatment.

• Repeals Sections 27-5A-1 through 27-5A-3, the Alabama Reinsurance Intermediary Act, which established licensing requirements and regulations for reinsurance intermediary-brokers and reinsurance intermediary-managers.

• The repealed sections defined key terms including actuary, commissioner, insurer, reinsurer, qualified U.S. financial institutions, and various types of reinsurance intermediaries.

• The repealed regulations required reinsurance intermediaries to be licensed producers and imposed bonding and errors and omissions insurance requirements on reinsurance intermediary-managers.

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