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Notice of Regulation Hearing

to be held April 18, 2007

Contact: Elizabeth Bookwalter, Assistant Attorney General

334-241-4122

2/22/2007

 

Notice is hereby given that a hearing will be held at 10:00 A.M. on Wednesday, April 18, 2007 in the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, RSA Tower, Montgomery, Alabama, as follows:

 

Revision of Section 7 of Regulation No. 097 [Rule 482-1-097-.07], which sets forth the adoption of NAIC financial examiners and market conduct handbook. (1 page)

 

Revision of Regulation No. 058 [Chapter 482-1-058], which clarifies and sets out the basic responsibilities of property and casualty producers in effecting placement of insurance under Section 27-7-37, Code of Alabama 1975. (8 pages)

 

Repeal of Regulation No. 10 [Chapter 482-1-10], known as Unearned Premium Reserves on Property, General Casualty and Surety Insurance, which became effective January 1976.  The provisions of this regulation have been superseded by newer law and regulation. (2 pages)

 

Repeal of Regulation No. 32 [Chapter 482-1-032], known as Dual Licensing of Insurance Agents and Securities Salesmen, which became effective November 1958.  The provisions of this regulation have been superseded by newer law and regulation. (2 pages)

 

Repeal of Regulation No. 35 [Chapter 482-1-035], known as Applicants Seeking Agent’s Licenses When an Examination is Required, which became effective September 1959.  The provisions of this regulation have been superseded by newer law and regulation. (2 pages)

 

Repeal of Regulation No. 38 [Chapter 482-1-038], known as Insurance Companies or Agents Accepting “Interest Free” or Non-interest Bearing Notes for the Amount of the First Premium upon Individual Life Insurance Contracts, which became effective July 1961.  The provisions of this regulation have been superseded by newer law and regulation. (2 pages)

 

Repeal of Regulation No. 44 [Chapter 482-1-044], known as Insider Trading of Equity Securities of a Domestic Stock Insurance Company, which became effective November 1971.  The provisions of this regulation have been superseded by newer law and regulation. (18 pages)

 

Repeal of Regulation No. 49 [Chapter 482-1-049], known as Insurance Contracts to be Issued Only for Cash Consideration, which became effective September 1969.  The provisions of this regulation have been superseded by newer law and regulation. (1 page)

 

Repeal of Regulation No. 56 [Chapter 482-1-056], known as Regulation Relating to the use of Overinsurance Reduction of Benefit Provisions in Group Health Insurance Policies and Group Service Plan Corporation Contracts, which became effective July 1986.  The provisions of this regulation will expire when the proposed regulation Chapter 482-1-128 becomes effective. (16 pages)

 

Repeal of Regulation No. 68 [Chapter 482-1-068], known as Renewable Term Life Insurance Valuation, which became effective June 1980.  The provisions of this regulation have been superseded by newer law and regulation. (3 pages)

 

Adoption of proposed new Regulation No. 128 [Chapter 482-1-128]. The purpose of the new regulation is to establish a uniform order of benefit determination, reduce duplication of benefits and provide greater efficiency in the processing of claims. (35 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 shawn.stewart@insurance.alabama.gov.