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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2020 Alabama Legislative Regular Session
  5. 2020 Alabama Senate Bills
  6. SB54 Alabama 2020 Session

SB54 Alabama 2020 Session

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In Committee

Bill Summary

Sponsors
  • Shay Shelnutt
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 5, 2020SFurther Consideration
March 5, 2020SShelnutt motion to Carry Over to the Call of the Chair adopted Voice Vote
March 5, 2020SThird Reading Carried Over to Call of the Chair
February 13, 2020SRead for the second time and placed on the calendar
February 4, 2020SRead for the first time and referred to the Senate committee on Banking and Insurance

Bill Calendar

TypeDateLocationDescription
HearingFebruary 12, 2020Room 320 REVISED** Public Hearing ADDDED SB58** at 13:00Senate B&I Hearing
HearingFebruary 12, 2020Room 320 REVISED** Public Hearing ADDDED** at 13:00Senate B&I Hearing
HearingFebruary 12, 2020Room 320 at 13:00Senate B&I Hearing

Bill Text

Download SB54 Alabama 2020 Session PDF

Bill Documents

TypeLink
Bill Text SB54 Alabama 2020 Session - Introduced
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