HB113 Alabama 2013 Session

Updated Jul 24, 2021

House Bill

Enacted

Current Status

Regular Session 2013

Session

Sponsor

Summary

Primary Sponsor: Mike Hill
Republican
Session: Regular Session 2013
Title: Insurance Department, casualty insurance companies, capital requirements, subject to certain action level events, Secs. 27-2B-2, 27-2B-3, 27-2B-4 am'd.
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.
This bill would change the level at which the risk based capital (RBC) trend test for life and health insurance companies could be triggered from 2.5 times the authorized control level RBC amount to 3.0 times the authorized control level amount.
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.
Subjects: Insurance