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.
Forwarded to Governor on May 8, 2012 at 4:38 p.m. on May 8, 2012
Assigned Act No. 2012-374.
Enrolled
Signature Requested
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1311
Read for the first time and referred to the House of Representatives committee on Insurance
Third Reading Passed
Engrossed
Read for the second time and placed on the calendar
Motion to Read a Third Time and Pass adopted Roll Call 737
Williams motion to Adopt adopted Roll Call 736
Williams Amendment Offered
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
Source: Alabama Legislature