SB136 Summary

• Amends Section 27-36A-20 of the Code of Alabama 1975 regarding the Standard Valuation Law for life insurance policy reserves.

• Revises small company alternative valuation requirements by removing two conditions: the 450 percent authorized control level risk capital requirement and the appointed actuary's unqualified opinion requirement.

• Requires Alabama-domiciled companies using alternative valuation to file a statement with the Insurance Commissioner by July 1 each year certifying they meet eligibility conditions based on prior year financial data.

• Grants companies using alternative valuation an exemption from principle-based reserves corporate governance requirements, internal control certifications, and principle-based reserves valuation reports.

• Becomes effective immediately upon passage and approval by the Governor or upon becoming law.