Bama Politics
  • Home
  • Alabama News
    • Alabama Economic News
    • Alabama Education News
    • Alabama Election News
    • Alabama Healthcare News
    • Alabama Legislation News
    • Alabama Local News
    • Alabama Opinion Editorials
  • Elections & Results
    • 2022 Alabama Elections & Results
    • 2021 Alabama Elections & Results
    • 2020 Alabama Elections & Results
    • 2019 Alabama Elections & Results
    • 2018 Alabama Elections & Results
    • 2017 Alabama Elections & Results
    • 2016 Alabama Elections & Results
    • 2015 Alabama Elections & Results
    • 2014 Alabama Elections & Results
    • 2013 Alabama Elections & Results
    • 2012 Alabama Elections & Results
    • 2010 Alabama Elections & Results
  • Officials
    • Statewide
    • US Representatives
    • State Senators
    • State Representatives
    • All Profiles
  • Bills
    • 2021 Alabama Senate Bills
    • 2021 Alabama House Bills
    • All Bills
  • Places
    • Alabama Counties
    • Alabama Cities & Towns
    • Alabama Districts
  • Contact
    • General Contact
    • Opinion Articles
    • Corrections
  • About
Hey stranger! Create a free account today to follow bills, elected officials and candidates. Get an email as soon as updates happen!
Facebook icon Twitter icon Login Sign Up
  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2021 Alabama Legislative Regular Session
  5. 2021 Alabama Senate Bills
  6. SB24 Alabama 2021 Session

SB24 Alabama 2021 Session

Login or Sign Up to follow this page. It's free!
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Reddit
Reddit
Email this to someone
email
Crossed Over
Contents hide
  • 1 Bill Summary
  • 2 Bill Actions
  • 3 Bill Calendar
  • 4 Bill Text
  • 5 Bill Votes
  • 6 Bill Documents

Bill Summary

Sponsors
  • Shay Shelnutt
Session
Regular Session 2021
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 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.

Subjects
Insurance

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

Download SB24 Alabama 2021 Session PDF

Bill Votes

Motion to Read a Third Time and Pass Roll Call 178
2021-02-11
Chamber: Senate
Result: Passed
Roberts motion to Adopt Roll Call 177
2021-02-11
Chamber: Senate
Result: Passed
SBIR: Roberts motion to Adopt Roll Call 176
2021-02-11
Chamber: Senate
Result: Passed

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
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Reddit
Reddit
Email this to someone
email

Trending

  • ReCAPTCHA Privacy Policy
  • ReCAPTCHA Terms
© 2021 Copyright: Bama Politics
Privacy Policy