HB85 Alabama 2016 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2016
Title
Insurance Department and life insurance companies, Standard Nonforfeiture Law, reserves, Standard Valuation Law, Secs. 27-15-70 to 27-15-83, inclusive, 27-36A-1 to 27-36A-20, inclusive; Secs. 27-15-28, 27-36-7 repealed
Description
<p class="bill_description"> Under existing law, certain life insurance
policies are required to contain provisions
providing an appropriate minimum cash value</p><p class="bill_description">
This bill would revise the Standard
Nonforfeiture Law for Life Insurance to provide
consistent minimum cash value requirements for
various new life insurance products; to provide a
more appropriate allowance for acquisition
expenses; to remove the exemption for group life
insurance products; and to provide for an effective
date</p><p class="bill_description">
Under existing law, the reserves of life
insurance companies are determined according to the
Standard Valuation Law</p><p class="bill_description">
This bill would provide further for the
regulation of life insurance by amending the
Standard Valuation Law to make Alabama's law
substantially similar to the current version of the
model Standard Valuation Law developed by the
National Association of Insurance Commissioners</p><p class="bill_entitled_an_act"> To add Article 3 to Chapter 15 of Title 27, Code of
Alabama 1975, and to add Chapter 36A of Title 27, Code of
Alabama 1975, relating to the State Insurance Code and the
regulation of insurance by the State Insurance Department; to
further provide for the regulation of life insurance by
reenacting with changes and recodifying the Standard
Nonforfeiture Law for Life Insurance to provide consistent
minimum cash value requirements for various new life insurance
products, to provide a more appropriate allowance for
acquisition expenses, to remove the exemption for group life
insurance products, to reenact with changes the Standard
Valuation Law to make the law substantially similar to the
model Standard Valuation Law of the National Association of
Insurance Commissioners; and to repeal Sections 27-15-28 and
27-36-7, Code of Alabama 1975.
</p>
Subjects
Insurance
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 2, 2016 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB85 Alabama 2016 Session - Introduced |