HB92 Summary

• Increases fees, licenses, and miscellaneous charges collected by the Commissioner of Insurance across multiple categories including producer licenses, adjusters, surplus line brokers, and examination fees effective January 1, 2016.

• Raises producer application fees from $20 to $30 and license fees from $40 to $50; increases examination fees from $50 to $100 and producer appointment fees from $30 to $40.

• Increases biennial license renewal fees for producers and service representatives from $40 to $70 under Section 27-8A-9.

• Appropriates $5,000,000 from the Insurance Department Fund to the Department of Insurance for fiscal year ending September 30, 2016, with authority to transfer up to $2,500,000 to the Strengthen Alabama Homes Fund for fiscal years 2016-2018.

• Appropriates $2,500,000 from the Strengthen Alabama Homes Fund to the Department of Insurance for fiscal year ending September 30, 2016.