SB158 Alabama 2024 Session

Summary

Primary Sponsor

Shay ShelnuttSenator

Republican

Session

Regular Session 2024

Title

Insurance, internal citations to the Code of Alabama corrected

Summary

SB158 fixes outdated internal cross-references in Alabama's insurable interest and life insurance policy loan laws.

What This Bill Does

The bill amends Code Sections 27-14-3 and 27-15-8 to correct internal citations related to preneed insurance and life insurance. This ensures the cross-references within these provisions point to the correct sections of the Code. It does not create new substantive rights or duties beyond fixing references and becomes effective on June 1, 2024.

Who It Affects

• Insurance companies and agents handling life, health, or preneed insurance, who rely on the cited Code sections for insurable interest and policy loans.
• Policy owners, insured individuals, beneficiaries, and trustees who may be affected by how insurable interest is determined and how policy loans and preneed finances are handled.
• Charitable organizations involved in owning or benefiting from life insurance under preneed or related arrangements.

Key Provisions

• Amends Sections 27-14-3 and 27-15-8 to correct internal citations so they point to the correct Code sections for insurable interest and life insurance policy loans.
• Specifies an effective date of June 1, 2024 for the act.
• Clarifies that the corrections apply without changing the substantive rights or requirements in the affected sections.

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