SB37 Alabama 2022 Session

Updated Apr 7, 2022

Summary

Primary Sponsor: Greg AlbrittonSenator
Republican
Session: Regular Session 2022
Title: Insurance Risk Management and Insurance Center, Insurance Dept. to establish at state university and support, fund estab., approp. for center, Sec. 27-2-39 am'd.
Summary: SB37 would create a Center for Risk and Insurance Research at a state university and fund it with a new Center Fund and a share of insurance department revenues, plus adjust how department funds are managed and distributed.
What This Bill Does
It requires the Insurance Commissioner to establish and support the Center for Risk and Insurance Research connected with a state university to study risk management and insurance, and to provide education and outreach. It creates the Center for Risk and Insurance Research Fund in the State Treasury to fund the center, with transfers to the university allowed for operating costs. It amends the Insurance Department Fund rules, detailing how receipts are deposited and expended and allowing up to 25% of unspent yearly funds to carry over to the next year, while distributing certain fees and charges among the State General Fund, the center fund, and the Insurance Department Fund.

Who It Affects
The Alabama Department of Insurance and its Commissioner, who must establish, fund, and manage the new center and its related funds.
A state university hosting the center and the Center for Risk and Insurance Research, which will receive funding to operate and conduct research, education, and outreach.

Key Provisions
Require the Commissioner of Insurance to establish and support the Center for Risk and Insurance Research, connected with a state university, to conduct research, education, and outreach on risk management and insurance.
Create a State Treasury fund named the Center for Risk and Insurance Research Fund to be used to fund the center, with funds disbursed only as budgeted and allotted and permissible transfers to the operating university.
Amend Section 27-2-39 to create the Insurance Department Fund for the department's operations, specify how receipts are deposited and disbursed, and allow up to 25% of unencumbered funds to carry over to the next year.
specify that certain fees and charges collected by the Commissioner will be distributed as 45% to the State General Fund, 5% to the Center for Risk and Insurance Research Fund, and 50% to the Insurance Department Fund.
Effective date: July 1, 2022.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Insurance Department