SB299 Alabama 2013 Session

Summary

Primary Sponsor

Rodger SmithermanSenator

Democrat

Session

Regular Session 2013

Title

Insurance, Title 27, certain sections, repealed

Summary

SB299 repeals parts of Title 27 of the Alabama Insurance Code, removing insurance deposit rules and the Alabama Managing General Agents Act.

What This Bill Does

If enacted, the bill would eliminate the existing asset-deposit requirements for insurers and the procedures tied to deposits, including cure periods and possible revocation of authority. It would also scrap the Alabama Managing General Agents Act and its definitions, removing state rules specifically governing managing general agents. Overall, these provisions would be removed from the insurance code, changing how deposits and MGAs are regulated.

Who It Affects

• Insurance companies operating in Alabama, which would no longer be bound by the repealed deposit requirements and related processes.
• Managing general agents and entities acting as MGAs, as the MGA regulatory framework would be repealed.
• Regulators and state officials (such as the Commissioner and Treasurer) who administer these deposit rules and MGA provisions, as those provisions would no longer apply.

Key Provisions

• Repeal of sections 27-6-14 to 27-6-16, removing asset-deposit requirements, cure periods, and potential revocation for insurers.
• Repeal of sections 27-6A-1 to 27-6A-8, removing the Alabama Managing General Agents Act and its definitions.
• Overall repeal of Sections 27-6-14 through 27-6A-2, removing the listed regulatory framework from Title 27.

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