AL HB513

Amends Section 27-1-24 of the Code of Alabama 1975 to restructure the Board of Directors of the Alabama Insurance Underwriting Association with specific membership composition.

Board of Directors shall consist of the Director of Risk Management, two member insurers (based on largest voluntary wind coverage market share in Baldwin and Mobile Counties), four member insurers selected by the Commissioner of Insurance, two insurance producers with 10+ years experience selected by the Commissioner, and four business leaders with 10+ years management experience selected by the Commissioner.

Changes the membership effective date for newly authorized insurers from November 1 to January 1 following the effective date of authorization.

Requires the plan of operation to specify coverage territories rather than defining specific beach areas in statute.

Requires the Commissioner of Insurance to consider racial, gender, geographical, urban/rural, and economic diversity when making appointments to the Board.