SB300 Alabama 2010 Session

Summary

Primary Sponsor

Roger Bedford, Jr.

Democrat

Session

Regular Session 2010

Title

Insurance companies, domestic, home office kept outside this state, requirement for duplicate records and office managed by officer of company deleted, records available to commissioner on request, Sec. 27-27-29 am'd.

Summary

The bill changes Alabama insurance law to drop the requirement for some domestic insurers to keep duplicate records in Alabama and to have an Alabama-based office, while keeping record access rights.

What This Bill Does

If enacted, insurers whose principal place of business is outside Alabama would no longer have to maintain a duplicate set of records or an Alabama-based office managed by their officers. Records kept at executive offices outside Alabama would still need to be made available to the Alabama Insurance Commissioner on reasonable notice, and insurers may operate outside-Alabama executive offices with the Commissioner's written permission. The bill keeps existing prohibitions on removing or concealing records from Alabama without approval, and allows penalties or delinquency actions for violations; it also recognizes legitimate use of branch or regional offices in other states to service business, as long as records remain obtainable for examination.

Who It Affects

• Domestic insurers whose principal place of business is outside Alabama: no longer required to maintain a duplicate set of Alabama records or an Alabama-based office; records at their outside offices must be accessible to the state commissioner.
• Alabama Department of Insurance/Commissioner: retains authority to request and examine records, can grant permission for outside-office operations, and can pursue penalties or delinquency actions if rules are violated.

Key Provisions

• Deletes the requirement that a domestic insurer with principal place of business outside Alabama maintain a duplicate set of records in Alabama and an Alabama-based office managed by its officers.
• Allows domestic insurers to maintain executive offices outside Alabama; all records at those outside offices must be available to the Alabama Commissioner on reasonable notice, with written permission required to keep outside offices.
• Maintains penalties for removing or concealing records or assets from Alabama without approved plans or consent, including potential felony penalties and delinquency proceedings.
• Affirms that insurers may establish branch or regional offices in other states to service business, provided records remain readily available for examination by the Commissioner.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Insurance