AL HB440

Amends Section 27-1-24.1 of the Code of Alabama 1975 to revise insurance premium tax credits for private property carriers writing homeowners policies with wind and hail coverage in Gulf of Mexico and Mobile Bay counties.

Changes tax credit zones from the current Zone 4 (20 percent credit) and Zones 1, 2, 3 (35 percent credit) to Zones M4, M5, B4, B5 (20 percent credit) and Zones M1, M2, M3, B1, B2, B3, South ICWW (35 percent credit).

Maintains existing eligibility requirements that credits apply only to properties insured through the Alabama Insurance Underwriting Association at the time of policy writing and limits credit claims to once per structure per taxable year.

Requires insurance carriers to provide policies with wind or hail coverage premiums at least 12 percent less than premiums charged under the Alabama Wind Pool Plan to qualify for the credits.

Becomes effective on the first day of the third month following passage and Governor approval.