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AL HB102
Bill
Status
3/10/2022
Primary Sponsor
Kyle South
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AI Summary
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Requires the Commissioner of Insurance to establish and support the Center for Risk and Insurance Research at a state university to conduct research, education, and outreach on risk management and insurance issues.
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Creates the Center for Risk and Insurance Research Fund in the State Treasury to fund the center, with withdrawals only as budgeted and appropriated through the general appropriations process.
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Allocates $1,500,000 each fiscal year to the Center for Risk and Insurance Research Fund from fees, licenses, and taxes collected by the Commissioner of Insurance.
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Amends Section 27-2-39 of Alabama Code to redirect a portion of insurance-related revenue collections: 50 percent to the Insurance Department Fund and the remainder to the State General Fund, after the $1,500,000 annual allocation to the center.
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Becomes effective October 1, 2022.
Legislative Description
Insurance Risk Management and Insurance Center, Insurance Dept. to establish at state university and support, fund estab., approp. for center, Sec. 27-2-39 am'd.
Insurance Department
Last Action
Delivered to Governor at 9:30 a.m. on March 10, 2022.
3/10/2022