SJR77 Summary

• Creates the Alabama Coastal Commercial Insurance Joint Interim Study Commission to examine rising wind insurance costs and availability for coastal commercial and multifamily properties.

• Commission membership includes the Insurance Commissioner, State Finance Director, legislative representatives from Baldwin and Mobile Counties, chairs of relevant Senate and House committees, and a University of Alabama research representative.

• Commission must compare Alabama's coastal wind coverage pricing to surrounding southeastern states, analyze fiscal impacts of inadequate wind coverage, review risk reduction alternatives, and assess state sustainability of proposed assistance programs.

• Commission shall report findings and proposed legislation to the Legislature by January 1, 2025, at which time it dissolves.

• Legislative members receive compensation, per diem, and travel expenses per Section 49 of the Alabama Constitution of 2022; other members serve without compensation but may be reimbursed for necessary expenses.