Under existing law, any balance in the Insurance Department Fund at the end of each fiscal year which exceeds 25 percent of the amount appropriated for that fiscal year is to be transferred to the State General Fund.
This bill would direct the Commissioner of Insurance to transfer from the Insurance Department Fund to the Strengthen Alabama Homes Fund any amount remaining in the Insurance Department Fund on September 30, 2021, which exceeded 25 percent of the amount appropriated for the Insurance Department Fund for the fiscal year ending September 30, 2021.
This bill would also authorize the Commissioner of Insurance to transfer to the Strengthen Alabama Homes Fund from the Insurance Department Fund up to 50 percent of the amount appropriated for each fiscal year.
Further Consideration
Orr motion to Carry Over adopted Voice Vote
Third Reading Carried Over
McClendon motion to Carry Over 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 Senate committee on Banking and Insurance
Motion to Read a Third Time and Pass adopted Roll Call 42
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
Source: Alabama Legislature