SB355 Summary

• Repeals Sections 27-3-3 through 27-3-7 of the Alabama Insurance Code relating to insurer authorization and qualification requirements.

• Removes provisions governing foreign insurers' ability to transact business in Alabama without a certificate of authority for real estate investments.

• Eliminates requirements for insurers to maintain specific capital and surplus amounts, which ranged from $200,000 to $800,000 depending on the type of insurance.

• Removes restrictions on insurer names, management qualifications, affiliated entities, and government ownership of insurance companies.

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