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AL HB188
Bill
Status
2/9/2021
Primary Sponsor
Chip Brown
Click for details
AI Summary
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The Commissioner of Insurance must transfer any balance remaining in the Insurance Department Fund on September 30, 2021, that exceeds 25 percent of the fiscal year appropriation to the Strengthen Alabama Homes Fund.
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The Commissioner of Insurance is authorized to transfer up to 50 percent of the amount appropriated to the Insurance Department Fund each fiscal year to the Strengthen Alabama Homes Fund.
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This changes existing law that requires excess Insurance Department Fund balances over 25 percent to be transferred to the State General Fund instead.
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The act becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Department of Insurance, transfer of certain funds from Insurance Dept. Fund to Strengthen Alabama Homes Fund by Commissioner of Insurance authorized
Insurance Department
Last Action
Further Consideration
4/20/2021