SB97 Alabama 2025 Session

Summary

Primary Sponsor

Wes Kitchens Representative

Republican

Session

2025 Regular Session

Title

Department of Insurance, surplus line brokers providing insurance not readily available by licensed agents in this state

Description

Under existing law, the Department of Insurance licenses surplus line brokers. A nonresident may be licensed as a surplus line broker for the same type of insurance the broker is licensed to handle in the nonresident's state.

Existing law requires an applicant for a nonresident license to comply with the same requirements as provided for a resident license which includes an application, a license fee, and an additional surety bond.

This bill would specify that the requirements for licensure of a nonresident surplus line broker in this state would include an application and a license fee, but not an additional surety bond. This change is proposed in order for Alabama to remain in conformance with existing reciprocity provisions for the licensing of nonresident insurance agents in this state.

Show more Show less

Subjects

Insurance