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.
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.
Pending third reading on day 28 Favorable from Insurance
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Insurance
Motion to Read a Third Time and Pass adopted Roll Call 1097
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