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Notice of Regulation Hearing

to be held December 15, 2004

Contact: Elizabeth Bookwalter, Associate Counsel

334-241-4122

10/25/2004

 

Notice  is  hereby  given  that  a  hearing  will  be  held  at  10:00 AM  on December 15, 2004, at the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, Montgomery, Alabama, as follows:

 

Repeal of Regulation No. 57 [Chapter 482-1-057], known as Minimum Capital and Surplus Requirements for Foreign Stock Life Companies.  (3 pages)

 

Revision of Regulation No. 59 [Chapter 482-1-059], known as Guidelines to be Used for Real Estate Appraisals, to make changes on licensing real estate appraisers.  (4 pages)

 

Revision of Regulation No. 60 [Chapter 482-1-060], known as Only Admissible Assets Shall Be Reported On Annual Statements, to make changes to reflect valuation on assets and real estate.  (5 pages)

 

Revision of Regulation No. 63 [Chapter 482-1-063], known as Minimum Surplus Required to Issue Policies of Insurance, so as to delete the exceptions paragraph to this chapter.  (4 pages)

 

Revision of Regulation No. 72 [Chapter 482-1-072], known as Receipt Requirements, so as to reflect the language of “producers” in place of “agents.”  (6 pages)

 

Revision of Section 3 of Regulation No. 133 [Rule 482-1-133-.03], known as Definitions of Life Insurance and Annuities Replacement Regulation for the inclusion of annuity language in the definitions. (3 pages)

 

Revision of Section 4 of Regulation No. 133 [Rule 482-1-133-.04], known as Duties of Producers, for the inclusion of language to include “annuitant” and to address an electronic application together with a replacement notice and its subsequent delivery.  (1 page)

 

Revision of Section 5 of Regulation No. 133 [Rule 482-1-133-.05], known as Duties of Insurers that Use Producers for the inclusion of language on owning existing in-force policies or contracts on insureds or annuitants.  (2 pages)

 

Revision of Section 8 of Regulation No. 133 [Rule 482-1-133-.08], known as Duties of Insurers with Respect to Direct Response Solicitations for the inclusion of language to include “annuitant.”  (1 page)

 

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.