SB334 Alabama 2013 Session

Summary

Primary Sponsor

Rodger SmithermanSenator

Democrat

Session

Regular Session 2013

Title

Insurance, Title 27, certain sections, repealed

Summary

SB334 would repeal several sections of Alabama's Insurance Code in Title 27, removing annual financial reporting, loss reserve review, producer licensing, and retaliatory tax provisions for insurers.

What This Bill Does

The bill repeals Sections 27-3-26 through 27-3-29, eliminating the requirement for annual insurer filings, the independent loss reserve specialist review, and the mandate that insurance transactions in Alabama go through licensed producers. It also abolishes the retaliatory tax provisions that mirror taxes or fees imposed by other states on Alabama insurers. It repeals section 27-3-28 (content not shown in the excerpt) and makes the repeal effective immediately after the governor signs the bill.

Who It Affects

• Insurers authorized to transact in Alabama (both domestic and alien): would no longer be required to file annual statements, obtain independent loss reserve opinions, or follow the producer-licensing and retaliatory provisions addressed in these sections.
• Insurance producers/agents licensed in Alabama: the specific requirement to use licensed producers for accepting applications, negotiating, and issuing policies would be repealed.

Key Provisions

• Repeals 27-3-26: annual statement filing by insurers with the commissioner, including verification, extensions, penalties, and required filing fees.
• Repeals 27-3-26.1: requirement for a qualified independent loss reserve specialist to opine on loss and loss adjustment expense reserves for property or casualty insurers.
• Repeals 27-3-27: requirement that insurers operate through licensed insurance producers (with certain exceptions for specific types of insurance).
• Repeals 27-3-28: repealed (contents not described in the excerpt).
• Repeals 27-3-29: retaliatory tax/fee provisions and related domicile rules for alien insurers; removes the mechanism for Alabama to retaliate against other states' taxes and requirements.

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