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NOTICE OF REGULATION HEARING

to be held July 21, 2016, at 10:00 AM

Contact: Reyn Norman, General Counsel

(334) 241-4116

5/24/2016

Notice is hereby given that a hearing will be held at 10 a.m. Central Time, on Thursday, July 21, 2016, in the offices of the Alabama Department of Insurance, 201 Monroe Street, Fifth Floor Conference Room, RSA Tower, Montgomery, Alabama, as follows: 

 

  • Amendment to Section 3 of Insurance Regulation No. 110 [Rule 482-1-110-.03], which provides the scope of the regulation dealing with renewal of license and continuing education for producers and service representatives. The amendment sets forth the manner in which grandfathered exemptions are to be claimed.  The amendment will become effective July 31, 2016.  (4pages)

     

  • Amendment to Section 6 of Insurance Regulation No. 112 [Rule 482-1-112-.06], which deals with the statement of actuarial opinion based on asset adequacy analysis.  The amendment states that any document, material or other information provided to the commissioner in connection with a memorandum in support of an opinion submitted under Section 27-36A-4 which is determined to be unrelated to the memorandum will be rejected and returned to the insurer.  The amendment will become effective January 1, 2017.  (8 pages)

     

  • Revision of Insurance Regulation No. 137 [Chapter 482-1-137], which sets forth the standards and procedures for recommendations to consumers involving annuity products.  The revisions are to add the most recent changes to the NAIC Suitability in Annuity Transactions model regulation, primarily to require insurers to establish a system to supervise recommendations.  The revisions will become effective January 1, 2017.  (26 pages)

     

  • Amendment to Section 3 of Insurance Regulation No. 138 [Rule 482-1-138-.03], which deals with the annual reporting requirements of captive insurance companies.  The amendment requires a captive risk retention group to submit a report of financial condition on the same basis as a casualty insurer.  The amendment will become effective July 31, 2016.  (2pages)

     

  • Amendment to Section 4 of Insurance Regulation No. 138 [Rule 482-1-138-.04], which requires captive insurers to have an annual audit by an independent CPA, except those captives with annual premium less than $1,200,000. The amendment provides an exception to the exception for captive risk retention groups.  The amendment will become effective July 31, 2016.  (5pages)

     

  • Amendment to Section 6 of Insurance Regulation No. 151 [Rule 482-1-151-.06], which deals with the independent adjuster examination.  The amendment adds an exception to the examination requirement for certain former staff adjusters applying for license as independent adjuster as provided in the recent change in law.  The amendment will become effective July 31, 2016.  (4pages)

     

    Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing by July 14, 2016, 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 aself-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.