HB723 Alabama 2012 Session

This bill would provide an incentive to private homeowner insurance carriers to encourage them to write homeowners policies in certain geographic areas covered by the Alabama Insurance Underwriting Association. This bill would provide for credits against insurance premium taxes for private property insurance carriers who write homeowners insurance policies which include wind coverage in the counties of Alabama which are contiguous to the Gulf of Mexico and Mobile Bay, but only where at the time of the writing of the private policies the property was insured under the Alabama Insurance Underwriting Association, in an amount of 20 percent of the insurance premium tax otherwise due in Zone 4, and 35 percent of the insurance premium tax otherwise due in Zones 1, 2, and 3

To provide an incentive to encourage private homeowner insurance carriers to write homeowners insurance policies with wind coverage in areas covered by the Alabama Insurance Underwriting Association by providing certain insurance premium tax credits against insurance premium taxes otherwise due by private homeowner insurance carriers who write homeowners insurance policies which include wind coverage in the counties of Alabama which are contiguous to the Gulf of Mexico and Mobile Bay, but only where at the time of the writing the property was insured under the Alabama Insurance Underwriting Association, in an amount of 20 percent of the insurance premium tax otherwise due in Zone 4 and 35 percent of the tax otherwise due in Zones 1, 2, and 3.