SB353 Alabama 2013 Session

Summary

Primary Sponsor

Rodger SmithermanSenator

Democrat

Session

Regular Session 2013

Title

Insurance, Title 27, certain sections, repealed

Summary

SB353 would repeal portions of Alabama's Insurance Premium Tax Reform Act and related premium tax rules for insurers, including nonprofit life insurers and the associated license fee.

What This Bill Does

It repeals sections 27-4-8, 27-4-11(a)-(c), and 27-4A-1 to 27-4A-3 of Title 27. This eliminates the nonprofit life insurer exemption from premium tax and the $5,000 annual license fee, as well as the refund procedures for overpayments. It also removes the defined premium tax rates and related terms from the Insurance Premium Tax Reform Act of 1993, effectively dissolving this tax framework in the Code.

Who It Affects

• Nonprofit life insurers operating in Alabama would lose their exemption from premium tax and the $5,000 annual license fee requirement.
• State regulatory and fiscal agencies (Department of Insurance and the Comptroller) would no longer administer or enforce these premium tax provisions and refunds, altering how premiums are taxed and how overpayments are handled.

Key Provisions

• Repeals 27-4-8 (nonprofit life insurer exemption from the premium tax and the related $5,000 annual license fee).
• Repeals 27-4-11(a)-(c) (refund procedures for overpayments to the Comptroller).
• Repeals 27-4A-1 and 27-4A-2 (chapter name and definitions used in the premium tax reform provisions).
• Repeals 27-4A-3 (the premium tax rates and rules for life and health insurance and related provisions).
• Overall effect: repeal of the Insurance Premium Tax Reform Act of 1993 provisions (27-4-8 through 27-4A-3).

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