AL SB354

Repeals sections 27-3-8 through 27-3-11 of the Alabama Insurance Code.

Eliminates special surplus requirements for new insurers applying for certificates of authority, including the 150% requirement for insurers operating less than five years and the 100% requirement for more established insurers.

Removes the $1,000,000 minimum capital and $1,000,000 minimum surplus requirement for forming new domestic stock life insurance companies.

Repeals provisions allowing domestic stock insurers to apply capital surplus toward reducing deficits and defining capital surplus and earned surplus terms.

Takes effect immediately upon passage and approval by the Governor.