AL HB35

Adds Section 27-36-3.1 to the Alabama Code to establish reserve requirements for bail bond surety insurers and limited insurers.

Allows the Commissioner of Insurance to require reserves on bail bonds and single-premium judicial bonds equal to the lesser of 35% of bail premiums in force or $7 per $1,000 of bail liability.

Requires insurers to report the reserve as a liability in financial statements and file supplementary schedules showing bail premiums in force, bail liability, and the associated special reserve.

Specifies that bail premiums in force must not include amounts retained by licensed bail bond agents or managing general agents, but must not be less than 6.5% of total consideration received for all bail bonds in force.

Effective immediately upon passage and approval by the Governor.