SB54 Alabama 2020 Session
Summary
- Primary Sponsor
-
Shay Shelnutt SenatorRepublican - 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.
- Subjects
- Insurance
Bill Actions
Further Consideration
Shelnutt motion to Carry Over to the Call of the Chair adopted Voice Vote
Third Reading Carried Over to Call of the Chair
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
Bill Text
Documents
Source: Alabama Legislature