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Notice of Regulation Hearing

To Be Held October 13 at 2 PM

Contact: Reyn Norman

334 241-4119

9/13/1999

A hearing will be held before the Alabama Commissioner of Insurance at 2:00 PM on October 13, 1999, at the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, Montgomery, Alabama, as follows:

  • Revision of Regulation No. 116, known as the Alabama Small Employer Allocation Program Regulation. The proposed revisions to Regulation 116 would freeze the allowed rating adjustments based on health characteristics to 20% above or below the insurer’s base rate, freeze the adjustment for age group to no more than 400% of the lowest of any age group, and make other necessary changes to conform to the requirements established by the Health Care Financing Authority. The revisions are to take effect on January 1, 2000. (28 pages)

  • Adoption of proposed new Regulation No. 117, to be known as the Alabama Credit Life and Disability Insurance Regulation. The purpose of this proposed new regulation is to establish guidelines for insurers and creditors that offer credit life insurance and credit disability insurance provided by creditors to debtors and interpret and implement certain Alabama statutes, including, but not limited to, the Alabama Consumer Credit Act and the Alabama Small Loan Act, with respect to credit life and disability insurance provided under those statutes. The proposed effective date is November 1, 1999. (19 pages)

  • Repeal of Regulation No. 28, known as the Credit Life Insurance Regulation, which was last revised effective July 18, 1982. Regulation No. 28 sets forth the rules and definitions governing the sale of credit life insurance in the State of Alabama. The proposed effective date of the repeal will coincide with the effective date of proposed new Regulation No. 117. (8 pages)

  • Repeal of Regulation No. 29, known as the Credit Accident and Health Insurance Regulation, which was last revised effective January 25, 1975. Regulation No. 29 sets forth the rules and definitions governing the sale of credit accident and health insurance in the State of Alabama. The proposed effective date of the repeal will coincide with the effective date of proposed new Regulation No. 117. (8 pages)

  • Adoption of proposed new Regulation No. 120, to be known as the Alabama Valuation of Life Insurance Policies Regulation. The purpose of the proposed regulation is to provide tables of select mortality factors and rules for their use, rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits, rules concerning a minimum standard for the valuation of plans with secondary guarantees. The method for calculating basic reserves defined in this regulation will constitute the Commissioners’ Reserve Valuation Method for policies to which this regulation is applicable. The proposed effective date is January 1, 2000. (58 pages)

  • Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing to the Insurance Department (Attention: Legal Division) at least one week in advance of said hearing. Any written submission of testimony prior to the hearing will not preclude anyone from making an oral or written presentation at the hearing.

  • A copy of the proposed regulation may be obtained by written request to the Alabama Department of Insurance, Post Office Box 303351, Montgomery, Alabama 36130-3351. The request must include payment of one dollar per page and a self-addressed, postage paid return envelope. An unofficial copy may also be obtained at no charge via electronic mail. You may send an e-mail request to RNorman@insurance.state.al.us