This bill would establish the Surplus Lines Insurance Multi-State Compliance Compact Act.
This bill would provide for exclusive single-state regulatory compliance for multi-state surplus lines and independently procured insurance placements.
This bill would provide for uniform premium tax allocation formulas.
This bill would provide a clearinghouse to facilitate correct calculations.
This bill would provide for reporting of premium taxes due to the compacting states.
This bill would provide that the compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states, and the commission shall become effective for purposes of adopting rules and creating the clearinghouse when there are a total of 10 compacting states and contracting states or, alternatively, when there are compacting states and contracting states representing greater than 40 percent of the surplus lines insurance premium volume based on records of the percentage of surplus lines insurance premium.
Forwarded to Governor at 6:50 p.m. on June 2, 2011.
Assigned Act No. 2011-537 on 06/09/2011.
Signature Requested
Clerk of the House Certification
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 977
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Banking and Insurance
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 714
Motion to Adopt adopted Roll Call 713
Wren 2nd Amendment Offered
Motion to Adopt adopted Roll Call 712
Wren 1st Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Insurance
Source: Alabama Legislature