SB302 Alabama 2013 Session

Summary

Primary Sponsor

Rodger SmithermanSenator

Democrat

Session

Regular Session 2013

Title

Insurance, Title 27, certain sections, repealed

Summary

SB302 would repeal several regulatory requirements for reinsurance intermediaries and their managers under Alabama's Insurance Code.

What This Bill Does

If enacted, it would remove the detailed written contracts, accounting and fiduciary obligations, recordkeeping for 10 years, and insurer/ regulator oversight requirements currently imposed on reinsurance intermediaries and intermediary-managers. It would also eliminate the requirement for board-approved contracts and various disclosure and reporting provisions tied to reinsurance arrangements. The repeal would take effect immediately after passage and the governor's approval (or when it becomes law otherwise).

Who It Affects

• Reinsurance intermediary-brokers: would no longer be bound by the specified written authorization requirements, detailed accounting and remittance duties, fiduciary fund handling, and long-term recordkeeping.
• Insurers: would lose certain oversight rights and reporting obligations related to reinsurance transactions that are described in the repealed sections.
• Reinsurance intermediary-managers and reinsurers: would be freed from the contract and recordkeeping requirements, monthly remittance rules, and related disclosures that are currently mandated.
• Regulator (Alabama Department of Insurance): regulatory oversight of these specific provisions would be reduced or removed.

Key Provisions

• Section 1 repeals Sections 27-5A-4 to 27-5A-7 of Title 27, Code of Alabama 1975.
• Section 2 provides that the act becomes effective immediately following passage and the governor's approval (or upon becoming law).

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