SB24 Alabama 2021 Session
Bill Summary
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 reinsurancecollateral provisions of the covered agreements that wereentered into between the United States and the European Unionand the United Kingdom, and for those purposes to amendSections 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 and27-5B-20 to the Code of Alabama 1975.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 23, 2021 | H | Pending third reading on day 8 Favorable from Insurance |
| February 23, 2021 | H | Read for the second time and placed on the calendar |
| February 11, 2021 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
| February 11, 2021 | S | Engrossed |
| February 11, 2021 | S | Motion to Read a Third Time and Pass adopted Roll Call 178 |
| February 11, 2021 | S | Roberts motion to Adopt adopted Roll Call 177 |
| February 11, 2021 | S | Banking and Insurance Amendment Offered |
| February 11, 2021 | S | Third Reading Passed |
| February 10, 2021 | S | Read for the second time and placed on the calendar 1 amendment |
| February 2, 2021 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | February 23, 2021 | Room 617 at 11:30 | House INS Hearing |
| Hearing | February 10, 2021 | Room 325 **Added a bill** at 13:00 | Senate B&I Hearing |
| Hearing | February 10, 2021 | Room 325 at 13:00 | Senate B&I Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB24 Alabama 2021 Session - Engrossed |
| Bill Text | SB24 Alabama 2021 Session - Introduced |
| Bill Amendments | Senate Banking and Insurance first Amendment Offered |
| Fiscal Note | Fiscal Note - SB24 for Banking and Insurance |
| Fiscal Note | Fiscal Note - SB24 for Banking and Insurance |
| Fiscal Note | Fiscal Note - SB24 for Insurance |