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Notice of Regulation Hearing

to be held November 13, 2003

Contact: Elizabeth Bookwalter, Associate Counsel

334-241-4122

9/22/2003



Notice is hereby given that a hearing will be held at 10:00 AM on November 13, 2003, at the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, Montgomery, Alabama, as follows:

 

Revision of Chapter 482-1-112, which is known as the Actuarial Opinion and Memorandum regulation.  The proposed revisions are designed to cause this regulation to be substantially similar to the model regulation developed by the National Association of Insurance Commissioners.  (48 pages)

 

Amendment of Rule No. 482-1-120-.05 and of the introduction to the Appendix to Chapter 482-1-120, which is known as the Valuation of Life Insurance Policies regulation.  The purpose of the proposed amendments is to correct cross references within this chapter and to change cross references to Regulation 112, to become Chapter 482-1-112, the Actuarial Opinion and Memorandum regulation.  (25 pages)

 

Adoption of proposed new Regulation No. 130 [Chapter 482-1-130].  The purpose of the proposed new regulation is to provide for the recognition of the 2001 CSO mortality table for use in determining minimum reserve liabilities and nonforfeiture benefits.  This proposed regulation is based upon the model regulation developed by the National Association of Insurance Commissioners.  (11 pages)

 

Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing to the Alabama Department of Insurance, Attention: Legal Division, Post Office Box 303351, Montgomery, Alabama 36130-3351.  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 regulations 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 DSmith@insurance.state.al.us.