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AL SB353
Bill
Status
3/14/2013
Primary Sponsor
Rodger Smitherman
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AI Summary
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Repeals sections 27-4-8 through 27-4A-3 of the Alabama Insurance Code, eliminating provisions related to insurance premium taxes and license fees.
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Removes the $5,000 annual license fee requirement for nonprofit life insurers organized to aid nonprofit educational and scientific institutions.
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Eliminates the Insurance Premium Tax Reform Act of 1993, which established tiered premium tax rates for life and health insurance based on insurer type (domestic vs. foreign).
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Removes provisions allowing taxpayers to petition for refunds of overpaid or erroneous insurance premium taxes and license fees paid to the Insurance Commissioner.
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Takes effect immediately upon passage and approval by the Governor.
Legislative Description
Insurance, Title 27, certain sections, repealed
Insurance
Last Action
Read for the first time and referred to the Senate committee on Banking and Insurance
3/14/2013