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AL SB37
Bill
Status
1/11/2022
Primary Sponsor
Greg Albritton
Click for details
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's operations through appropriations by the legislature.
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Redirects five percent of various insurance fees, licenses, taxes, and charges collected by the Commissioner to the new Center fund, reducing the amount credited to the State General Fund from 50 percent to 45 percent.
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Allows the Commissioner to transfer appropriated amounts from the Center fund to the state university annually for center operations.
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Becomes effective July 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
Indefinitely Postponed
4/6/2022