SB498 Alabama 2012 Session
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Bill Summary
Sponsors
Session
Regular Session 2012
Title
Insurance Department, casualty insurance companies, capital requirements required, subject to certain action level events, Secs. 27-2B-2, 27-2B-3, 27-2B-4 am'd.
Description
<p class="bill_description"> Under existing law, an insurer is required
to maintain certain minimal levels of unimpaired
capital to be authorized to transact business in
this state and is required to meet certain other
requirements based on the amount of risk taken. A
life and health insurer is subject to a company
action level event when the risk-based capital
report indicates certain levels</p><p class="bill_description">
This bill would also subject property and
casualty insurers to a company action level event
when the risk-based capital report indicates
certain specified levels. The bill would also
correct an error in citation and make clarifying
nonsubstantive changes</p><p class="bill_entitled_an_act"> Relating to insurance; to amend Sections 27-2B-2,
27-2B-3, and 27-2B-4 of the Code of Alabama 1975, to provide
that a property and casualty insurer would be subject to a
company action level event when its risk-based capital report
indicates certain specified levels.
</p>
Subjects
Insurance
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 8, 2012 | Pending third reading on day 28 Favorable from Insurance | |
| May 8, 2012 | Read for the second time and placed on the calendar | |
| May 3, 2012 | Read for the first time and referred to the House of Representatives committee on Insurance | |
| May 3, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 1097 | |
| May 3, 2012 | Third Reading Passed | |
| April 26, 2012 | Read for the second time and placed on the calendar | |
| April 10, 2012 | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB498 Alabama 2012 Session - Introduced |