SB301 Alabama 2013 Session

Summary

Primary Sponsor

Rodger SmithermanSenator

Democrat

Session

Regular Session 2013

Title

Insurance, Title 27, certain sections, repealed

Summary

SB301 would repeal portions of Title 27 of the Alabama Insurance Code related to reinsurance intermediaries.

What This Bill Does

It repeals sections 27-5A-8 through 27-6-3 of Title 27, removing the reinsurance intermediary-manager framework and related requirements. This eliminates licensing, reporting, examination, penalties, and other rules governing reinsurance intermediaries and their deposits. The change ends the regulatory framework specifically for reinsurance intermediaries, affecting how insurers and reinsurers interact with intermediaries and leaving oversight to other laws not listed here.

Who It Affects

• Reinsurance intermediary-managers and their firms would lose the current licensing, reporting, examination, and penalty requirements.
• Insurers and reinsurers that use or rely on reinsurance intermediaries would operate without these specific regulatory provisions, altering how they engage with intermediaries and removing the related oversight.

Key Provisions

• Repeals sections 27-5A-8 through 27-6-3 of Title 27, removing the reinsurance intermediary-manager framework and its rules.
• Section 2 states the act becomes effective immediately after passage and 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