HB440 Alabama 2014 Session

Summary

Primary Sponsor

David Sessions Senator

Republican

Co-Sponsors

Steve McMillanJames E. BuskeyJoe FaustHarry ShiverChad FincherNapoleon BracyAlan BakerVictor GastonMargie WilcoxAdline ClarkeRandy Davis

Session

Regular Session 2014

Title

Homeowners insurance, counties contiguous to Mobile Bay and Gulf of Mexico, credits against insurance premium taxes for private property carriers who write coverage in Zones 1, 2, 3, and 4, geographic areas covered by Alabama Insurance Underwriting Association, Sec. 27-1-24.1 am'd.

Description

Under existing law, credits against insurance premium taxes are provided for private property insurance carriers who write homeowners insurance policies which include wind coverage in the counties of Alabama which are contiguous to the Gulf of Mexico and Mobile Bay, but only where at the time of the writing of the private policies the property was insured under the Alabama Insurance Underwriting Association, in an amount of 20 percent of the insurance premium tax otherwise due in Zone 4, and 35 percent of the insurance premium tax otherwise due in Zones 1, 2, and 3.

This bill would revise existing law to provide credits in an amount of 20 percent of the insurance premium tax otherwise due in Zones M4, M5, B4, and B5, and 35 percent of the insurance premium tax otherwise due in Zones M1, M2, M3, B1, B2, B3, and South ICWW.

Show more Show less

Subjects

Insurance