HB261 Summary

• Eliminates the requirement for nonresident surplus line brokers to file an additional surety bond when applying for licensure in Alabama.

• Nonresident surplus line broker licensure now requires only an application and license fee, consistent with reciprocity provisions for nonresident insurance agents.

• Nonresident applicants must still be licensed in good standing in their domiciled state for the same types of insurance they seek to handle in Alabama.

• Maintains all other requirements for nonresident brokers, including appointment of the commissioner as agent for service of legal process and related notice provisions.

• Becomes effective immediately upon enactment.