HB573 Alabama 2010 Session

Under existing law, a domestic insurer may maintain its principal place of business outside of this state if it maintains a complete duplicate set of records and keeps an office in this state managed by one or more officers of the insurer in this state

This bill would delete these requirements and would specify that suitable and customary records be kept and made available to the Commissioner of Insurance at its offices outside the state

To amend Section 27-27-29, Code of Alabama 1975, to delete the requirement that a domestic insurer whose principal place of business is located outside of this state maintain a duplicate set of records and keep an office managed by one or more officers of the insured in this state and to further specify that records kept at the executive office outside Alabama shall be made available to the Commissioner of Insurance upon reasonable notice.