AL SB351

Repeals sections 27-5A-4 through 27-5A-7 of the Code of Alabama 1975, which regulate reinsurance intermediary-brokers and reinsurance intermediary-managers.

Eliminates requirements for written authorization between reinsurance intermediary-brokers and insurers, including provisions for termination rights, accounting standards, and fiduciary fund handling.

Removes requirements for reinsurance intermediary-brokers to maintain complete records for 10 years covering contract details, commission rates, reinsurer information, and financial records.

Eliminates regulations governing reinsurance intermediary-manager transactions with reinsurers, including written contract requirements, board approval, commissioner filing, and record-keeping obligations.

Takes effect immediately upon passage and approval by the Governor.