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Notice of Regulation Hearing

to be held November 5, 2008

Contact: Fairley McDonald, Associate Counsel

334-241-4120

9/22/2008

Notice is hereby given that a hearing will be held at 10:00 a.m. on Wednesday, November 5, 2008, in the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, RSA Tower, Montgomery, Alabama, on the following: 

 

Revision of Section 2 of Preneed Regulation No. 1 [Rule 482-3-001-.02]: revision to statement of purpose. (1 page)

 

Revision of Section 4 of Preneed Regulation No. 1 [Rule 482-3-001-.04]: revision of definitions. (2 pages)

 

Revision of Section 5 of Preneed Regulation No. 1 [Rule 482-3-001-.05]: revision of financial requirements, including adoption of alternate accounting methodologies and prescribing a financial statement form. (8 pages)

 

Revision of Section 7 of Preneed Regulation No. 1 [Rule 482-3-001-.07]: revision of requirements pertaining to preneed sales agents. (1 page)

 

Adoption of Section 17 of Preneed Regulation No. 1 [Rule 482-3-001-.17]: setting out requirement of timely response to request for information and describing effect of pending administrative action on applications for certificates of authority. (3 pages)

 

Adoption of Appendix to Preneed Regulation No. 1 [Chapter 482-3-001]: financial statement form. (20 pages)

 

Repeal of Regulation No. 095 [Chapter 482-1-095]: concerning payment of premium taxes and other fees through electronic funds transfers.  (4 pages)

 

Revision of Regulation No. 097 [Chapter 482-1-097]: adopting various accounting practices and procedures and examination standards; and requiring that certain statements and reports be electronically filed.  (13 pages) 

 

Adoption of proposed new Insurance Regulation No. 143 [Chapter 482-1-143]: setting forth minimum standards for determining reserve liabilities and nonforfeiture values for life insurance sold to fund preneed contracts. (8 pages)

 

Adoption of proposed new Insurance Regulation No. 144 [Chapter 482-1-144]: setting forth electronic filing of premium tax returns and surplus line broker tax returns and electronic payment of premium taxes, surplus line broker taxes, and fees. (10 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 Brenda.Camp@insurance.alabama.gov.