HB258 Alabama 2021 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2021
Title
Insurance Department, Commissioner, Standard Valuation Law, small company alternative valuation, condition for revised, Sec. 27-36A-20 am'd.
Description
<p class="bill_description"> Under existing law, the Standard Valuation
Law requires the Commissioner of Insurance to
annually value the reserves for outstanding life
insurance policies and annuity and endowment
contracts of life insurance companies doing
business in this state. The law provides for an
alternative valuation for small companies that meet
certain conditions, including certain dollar
figures of premiums</p><p class="bill_description">
This bill would revise the conditions for
the Commissioner of Insurance to use the small
company alternative valuation provisions for the
valuation of the reserves of certain small
companies meeting certain requirements</p><p class="bill_entitled_an_act"> Relating to insurance; to amend Section 27-36A-20 of
the Code of Alabama 1975, the Standard Valuation Law, which
requires the Commissioner of Insurance to annually value the
reserves for outstanding life insurance policies and other
contracts of life insurance companies doing business in this
state; and to revise the small company alternative valuation.
</p>
Subjects
Insurance Department
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 6, 2021 | H | Indefinitely Postponed |
| February 10, 2021 | H | Read for the second time and placed on the calendar |
| February 2, 2021 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | February 10, 2021 | Room 617 at 09:00 | House INS Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB258 Alabama 2021 Session - Introduced |
| Fiscal Note | Fiscal Note - HB258 for Insurance |