SB347 Alabama 2013 Session

Summary

Primary Sponsor

Rodger SmithermanSenator

Democrat

Session

Regular Session 2013

Title

Insurance, Title 27, certain sections, repealed

Summary

SB347 repeals the existing Alabama Insurance Code provisions that govern credit for reinsurance under Title 27.

What This Bill Does

It repeals Section 27-5-12, which contained the rules for when insurers can take credit for reinsurance and the related requirements for reinsurers, including licensure standards, trust funds, solvency and reporting requirements, and cross-state or group arrangements. The removal would eliminate these specific criteria and oversight mechanisms from Alabama law. The act becomes effective immediately after passage and the governor's approval.

Who It Affects

• Domestic insurers that cede reinsurance would no longer be subject to the detailed credit-for-reinsurance rules in 27-5-12, affecting how they account for reinsurance and related financial calculations.
• Reinsurers and regulators (including both domestic and international/alien reinsurers operating in Alabama) would lose the listed requirements tied to credit for reinsurance, such as trust funds, solvency disclosures, and examinations under 27-5-12.

Key Provisions

• Section 1 repeals Section 27-5-12 of the Code of Alabama 1975 (the entire set of rules governing credit for reinsurance and related requirements).
• Section 2 states that the act becomes effective immediately following passage and approval by the governor.

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