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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2020 Alabama Legislative Regular Session
  5. 2020 Alabama House Bills
  6. HB70 Alabama 2020 Session

HB70 Alabama 2020 Session

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Bill Summary

Sponsors
  • Kerry Rich
Session
Regular Session 2020
Title
Insurance, reinsurance, regulation and credit against reserves, adoption of similar to Credit for Reinsurance Model Law by Nat. Assoc. of Insurance Commissioners, Secs. 27-5B-8.1, 27-5B-20 added; Secs. 27-5B-3, 27-5B-9, 27-5B-11, 27-5B-14, 27-5B-19 am'd.
Description

Under existing law, an insurance company may enter into an insurance contract to insure a risk and the insurance company may reinsure the risk with another insurance company. The Insurance Department generally requires a company to maintain reserves and regulates when an insurance company entering into a reinsurance contract with another insurer may receive credit against its otherwise required reserves

This bill would make Alabama's law regulating reinsurers and the credit an insurer may apply against its otherwise required reserves substantially similar to the current version of the Credit for Reinsurance Model Law developed by the National Association of Insurance Commissioners

Relating to insurance; to implement the reinsurance collateral provisions of the covered agreements that were entered into between the United States and the European Union and the United Kingdom, and for those purposes to amend Sections 27-5B-3, 27-5B-9, 27-5B-11, 27-5B-14, and 27-5B-19, Code of Alabama 1975, and to add Sections 27-5B-8.1 and 27-5B-20 to the Code of Alabama 1975.

Subjects
Insurance

Bill Actions

Action DateChamberAction
March 12, 2020SPending third reading on day 13 Favorable from Banking and Insurance
March 12, 2020SRead for the second time and placed on the calendar
February 25, 2020SRead for the first time and referred to the Senate committee on Banking and Insurance
February 25, 2020HMotion to Read a Third Time and Pass adopted Roll Call 113
February 25, 2020HThird Reading Passed
February 20, 2020HRead for the second time and placed on the calendar
February 4, 2020HRead for the first time and referred to the House of Representatives committee on Insurance

Bill Calendar

TypeDateLocationDescription
HearingMarch 11, 2020Room 320 **Two Bills Taken off the Agenda** at 14:30Senate B&I Hearing
HearingMarch 11, 2020Room 320 at 14:30Senate B&I Hearing
HearingFebruary 19, 2020Room 617 at 10:30House INS Hearing
HearingFebruary 12, 2020CANCELLED at 00:00House INS Hearing
HearingFebruary 12, 2020Room 617 at 10:30House INS Hearing

Bill Text

Download HB70 Alabama 2020 Session PDF

Bill Votes

Motion to Read a Third Time and Pass
2020-02-25
Chamber: House
Result: Passed

Bill Documents

TypeLink
Bill Text HB70 Alabama 2020 Session - Introduced
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