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Notice of Regulation Hearing

to be held October 9, 2013

Contact: Reyn Norman

(334) 241-4119

8/21/2013

Notice is hereby given that a hearing will be held at 10:00 AM Central Time, on Wednesday, October 9, 2013, in the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 502, Main Conference Room, RSA Tower, Montgomery, Alabama, as follows: 

 

  • Amendment of Section 10 of Insurance Regulation No. 55 [Rule 482-1-055-.10], making various minor changes to the statement to be filed upon acquisition of control of an insurer, known as Form A. (14 pages)        
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  • Amendment of Section 4 of Insurance Regulation No. 106 [Rule 482-1-106-.04], setting forth the rules for filing a bond by an insurer appointing a managing general agent.  (4 pages)  
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  • Amendment of Section 5 of Insurance Regulation No. 106 [Rule 482-1-106-.05], setting forth the rules for filing a copy of the audited financial statement of a managing general agent (MGA) by an insurer appointing the MGA.  (2 pages)
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  • Adoption of Insurance Regulation No. 156 [Chapter 482-1-156], setting forth the rules and procedural requirements necessary to implement the provisions of the new Reinsurance Credit Law, Chapter 5B, Title 27, Code of Alabama 1975. prescribing the consequences for failure of payments due to the Department.  The proposed effective date of the new regulation is January 1, 2014.  (63 pages)
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  • Repeal of Insurance Regulation No. 105 [Chapter 482-1-105], which provided the rules and procedural requirements to comply with the existing Credit for Reinsurance Law, Section 27-5-12, Code of Alabama 1975, which is repealed effective January 1, 2014.  (24 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 Raymond.Taylor@insurance.alabama.gov.