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Regulations Revised

Contact: Reyn Norman, General Counsel

(334) 241-4116

6/22/2018

Please be advised several regulations subject to hearing held June 14, 2018, were approved as indicated below:

 

·       Section 3 of Insurance Regulation No. 54 [Rule 482-1-054-.03], which requires certain licensees to provide notice to the commissioner under certain circumstances, was amended to remove the requirement for notice from a foreign insurer of the imposition of a monetary penalty by another state or federal agency.  The amendment is effective June 24, 2018.

 

·       Section 10 of Insurance Regulation No. 55 [Rule 482-1-055-.10], which provides the format of the Form A statement required to be filed regarding the acquisition of control of an insurer pursuant to Section 27-29-3, was amended to correct typographical errors.  The amendments are effective June 24, 2018.

 

·       Section 4 of Insurance Regulation No. 110 [Rule 482-1-110-.04], which sets forth the procedures for renewal of licenses for producers and service representatives, was amended to extend the time within which licensees can renew a license from 75 days to 90 days prior to license expiration.  The amendments are effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.

 

·       Section 7 of Insurance Regulation No. 110 [Rule 482-1-110-.07], which implements the continuing education requirements for producers and service representatives, was amended to make the changes necessary to implement the changes set forth in Alabama Act No. 2018-196, removing the provisions allowing for extensions for complying with the continuing education requirement, and recognizing the commissioner’s fining authority in lieu of suspension of license for licensees submitting a false or fraudulent certificate of compliance with the continuing education requirements.  The amendments are become effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.

 

·       Insurance Regulation No. 141 [Chapter 482-1-141], which sets the requirements for the annual audits of financial statements of insurers, was revised to add the requirements for an internal audit function, and made various other minor amendments to make the regulation substantially similar to the Annual Financial Reporting Model Regulation developed by the NAIC in 2015.  The revisions are effective January 1, 2019.

 

·       Section 8 of Insurance Regulation No. 148 [Rule 482-1-148-.08], which sets forth the procedures for renewal of licenses for title insurance agents, was amended to extend the time within which title insurance agents can renew a license from 75 days to 90 days prior to license expiration.  The amendments are effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.

 

·       Section 10 of Insurance Regulation No. 151 [Rule 482-1-151-.10], which sets forth the procedures for renewal of licenses for independent adjusters, was amended to extend the time within which independent adjusters can renew a license from 75 days to 90 days prior to license expiration.  The amendments are effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.

 

·       Section 1 of State Fire Marshal Regulation No. 103 [Rule 482-2-103-.01], which provides the permit fees for administration and enforcement of the Fire Protection Sprinkler Systems Act, was amended to add the permits fees for Fire Protection Sprinkler Contractor I and II as authorized in Alabama Act No. 2017-240.  The amendments are effective June 24, 2018.

 

These and other regulations of the Department of Insurance can be accessed from the following links: