The insurance plan known as the Alabama Insurance Underwriting Association and its articles of agreement, plan of operation, and rules and procedures are set out in Section 27-1-24, Code of Alabama 1975
This bill would provide that the Coastal Area of the state would consist of Zones 1, 2, 3, and 4 as designated by the association. The bill would provide for credit for voluntary insurance writings in the Coastal Area on the basis of two units, Unit One and Unit Two. Unit One would consist of Coastal Area Zones 1, 2, and 3. Unit Two would consist of Coastal Area Zone 4. Credit would be calculated separately for each unit on the basis of 100 percent for fire insurance polices, 75 percent for home owners and mobile home owners policies, and 50 percent for commercial multi-perils policies
To amend Section 27-1-24, Code of Alabama 1975, relating to the Alabama Insurance Underwriting Association, to define the term "Coastal Area," and to add a provision relating to credits for voluntary insurance writings in the Coastal Area.
|February 9, 2012
|Read for the first time and referred to the Senate committee on Banking and Insurance
|SB281 Alabama 2012 Session - Introduced