Under existing law, a domestic insurer may not be pecuniarily interested in certain investment activities, and 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 provide certain exemptions from pecuniary interests to certain officers or directors, or members of a committee or employees of a domestic insurer who are charged with the duty of investing or handling the funds of the insurer.
This bill would require a domestic insurer to maintain its assets in a financial institution conducting business in this state.
This bill would allow domestic insurers to deposit assets of the insurer outside this state for purposes of safekeeping or for the convenient operation of the insurer.
This bill would allow securities of an insurer to be segregated or commingled with securities owned by other insurers if the arrangement is approved by the Commissioner of the Department of Insurance.
This bill would allow a domestic insurer to invest in securities or other investments located in countries other than the United States or Canada.
This bill would limit investments or loans relating to an insurer's admitted assets.
Pending third reading on day 18 Favorable from Banking and Insurance
HB189 Brooks, B.I.R., Lost
Read for the first time and referred to the Senate committee on Banking and Insurance
Read for the second time and placed on the calendar
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 231
Motion to Adopt adopted Roll Call 230
Insurance Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Insurance
Source: Alabama Legislature