SB124 Alabama 2013 Session

Summary

Primary Sponsor

Mark Slade Blackwell

Republican

Session

Regular Session 2013

Title

Insurance, insurance fraud, elements of modified, overcharging insurers included, Secs. 27-12A-2, 27-27-26 am'd.

Summary

SB124 makes technical corrections to clarify the insurance fraud definition and fix an error in the domestic insurer investment provisions.

What This Bill Does

It removes language in the insurance fraud definition that does not apply to that code section, clarifying what counts as insurance fraud. It also corrects and clarifies language in the domestic insurers section related to investments and handling of funds to fix an amendment error. The changes are intended to align the statutes with the originally enacted Acts 2012-429 and 2012-370, and the act becomes effective immediately after the governor signs it.

Who It Affects

• Individuals who could commit insurance fraud, as the definition is clarified and applied.
• Officers, directors, and investment personnel of domestic insurers, due to clarified investment-related rules and corrections to the amendment.

Key Provisions

• Amends Section 27-12A-2 to delete language not applicable to the insurance fraud definition.
• Amends Section 27-27-26 to delete and clarify language to correct an error in an amendment related to domestic insurers.
• Effective date: becomes effective immediately following passage and the governor's approval.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Insurance