SB47 Summary

• Establishes the Alabama Automobile Insurance Plan to be approved by the Commissioner of Insurance for equitable cost apportionment among insurance companies for high-risk motor vehicle liability policies.

• Authorizes governing committee to contract with one or more service providers to issue motor vehicle liability policies in the plan's name, with policies recognized as valid proof of financial responsibility under state law.

• Requires all insurance companies authorized to issue motor vehicle liability policies in Alabama to subscribe to and participate in the plan once approved.

• Allows applicants and insureds to appeal plan decisions to the Commissioner of Insurance, with further appeal rights to Montgomery County Circuit Court within 10 days of notice.

• Requires the governing committee to file annual audited financial reports with the commissioner and takes effect October 1, 2024; does not revoke exceptions under existing automobile assigned risk plan provisions.