AL SB349

Repeals sections 27-4A-4 through 27-5-6 of the Code of Alabama 1975 relating to the Alabama Insurance Code.

Eliminates penalties of $1,000 to $10,000 for insurers failing to comply with chapter requirements, along with commissioner authority to suspend or revoke certificates of authority.

Removes provisions establishing premium taxes as exclusive and in lieu of other state and county taxes and licenses on insurers.

Eliminates exemptions for insurers from state income taxes and removes definitions of life insurance, annuities, disability insurance, property insurance, and casualty insurance categories.

Takes effect immediately upon passage and approval by the Governor or upon otherwise becoming law.