Under existing law, certain life insurance policies are required to contain provisions providing an appropriate minimum cash value.
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.
Under existing law, the reserves of life insurance companies are determined according to the Standard Valuation Law.
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.
Assigned Act No. 2016-411.
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 872
Hammon motion to Previous Question adopted Roll Call 871
Third Reading Passed
Johnson (K) motion to Carry Over Temporarily adopted Voice Vote
Third Reading Carried Over
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Insurance
Motion to Read a Third Time and Pass adopted Roll Call 416
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Banking and Insurance
Source: Alabama Legislature