AL HB141

Establishes the Alabama Automobile Insurance Plan to provide equitable cost apportionment among insurance companies for high-risk motor vehicle liability policies for applicants unable to obtain coverage through ordinary methods.

Requires the Insurance Commissioner to approve the plan after consultation with authorized insurers, and mandates that all authorized insurance companies subscribe to and participate in the plan once approved.

Creates a governing committee appointed by the commissioner to administer the plan and authorize service providers to issue motor vehicle liability policies in the plan's name with full recognition as policies issued by authorized insurers.

Allows applicants, policyholders, and affected insurance companies to appeal to the commissioner regarding governing committee rulings, with further appeals to Montgomery County Circuit Court within 10 days.

Requires the governing committee to file annual audited financial reports with the commissioner and shields the Department of Insurance, its officers, employees, and the state from liability arising from policies issued under the plan; effective October 1, 2024.