SB390 Summary

• Amends Section 27-1-24 of the Code of Alabama 1975 to restructure the Board of Directors of the Alabama Insurance Underwriting Association to include the Director of Risk Management of the state plus 12 appointed members.

• Requires all insurers authorized to write fire and extended coverage insurance in Alabama to be members of the association, changing the membership requirement from those "authorized and writing" to those merely "authorized."

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

• Specifies that the plan of operation shall define coverage territories rather than statically defining the Beach Area in statute.

• Board composition includes two member insurers with largest voluntary wind coverage market share, four member insurers selected by the Commissioner of Insurance, two insurance producers with 10+ years experience, and four business leaders with 10+ years business management experience, with staggered three-year terms.