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, 2022, which exceeded 25 percent of the amount appropriated for the Insurance Department Fund for the fiscal year ending September 30, 2022.
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.
Delivered to Governor at 9:30 a.m. on March 10, 2022.
Assigned Act No. 2022-147.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 505
Third Reading Passed
Read for the second time and placed on the calendar
Rereferred to Committee on Banking and Insurance
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 37
Motion to Adopt adopted Roll Call 36
Ways and Means General Fund Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
Source: Alabama Legislature