HB113 Alabama 2013 Session
Bill Summary
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
Relating to insurance; to amend Sections 27-2B-2, 27-2B-3, and 27-2B-4 of the Code of Alabama 1975, to increase the level at which the risk based trend test for life and health insurance companies could be required; and 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.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 7, 2013 | H | Delivered to Governor at 12:20 p.m. on May 7, 2013. |
| May 7, 2013 | H | Assigned Act No. 2013-194. |
| May 7, 2013 | H | Clerk of the House Certification |
| May 7, 2013 | S | Signature Requested |
| May 2, 2013 | H | Enrolled |
| May 2, 2013 | H | Passed Second House |
| May 2, 2013 | S | Motion to Read a Third Time and Pass adopted Roll Call 789 |
| May 2, 2013 | S | Third Reading Passed |
| April 24, 2013 | S | Read for the second time and placed on the calendar |
| April 11, 2013 | S | Read for the first time and referred to the Senate committee on Health |
| April 9, 2013 | H | Motion to Read a Third Time and Pass adopted Roll Call 350 |
| April 9, 2013 | H | Third Reading Passed |
| February 14, 2013 | H | Read for the second time and placed on the calendar |
| February 5, 2013 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB113 Alabama 2013 Session - Enrolled |
| Bill Text | HB113 Alabama 2013 Session - Introduced |