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NOTICE OF REGULATION HEARING

to be held June 14, 2018, at 10:00 AM

Contact: Reyn Norman, General Counsel

(334) 241-4116

4/26/2018

Notice is hereby given that a hearing will be held at 10:00 a.m. Central Time, on Thursday, June 14, 2018, 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. 54 [Rule 482-1-054-.03], which requires certain licensees to provide notice to the commissioner under certain circumstances.  The amendment removes the requirement for notice from a foreign insurer of the imposition of a monetary penalty by another state or federal agency.  The amendment will become effective June 24, 2018.  (4 pages)

 

·       Amendments to Section 10 of Insurance Regulation No. 55 [Rule 482-1-055-.10], which provides the format of the statement (Form A) required to be filed regarding the acquisition of control of an insurer pursuant to Section 27-29-3.  The amendments merely correct typographical errors in two administrative code references [one in the second sentence of Rule 482-1-055-.10 and the other in Form A, Item 12(c)].  The amendments will become effective June 24, 2018.  (8 pages)

 

·       Amendments to Section 4 of Insurance Regulation No. 110 [Rule 482-1-110-.04], which sets forth the procedures for renewal of licenses for producers and service representatives.  The amendments extend the time within which licensees can renew a license from 75 days to 90 days prior to license expiration.  The amendments will become effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.  (3 pages)

 

·       Amendments to Section 7 of Insurance Regulation No. 110 [Rule 482-1-110-.07], which implements the continuing education requirements for producers and service representatives.  The amendments make the changes necessary to implement the changes set forth in Alabama Act No. 2018-196, to remove the provisions allowing for extensions for complying with the continuing education requirement, and to recognize the commissioner’s fining authority in lieu of suspension of license for licensees submitting a false or fraudulent certificate of compliance with the continuing education requirements.  The amendments will become effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.  (4 pages)

 

·       Revisions to Insurance Regulation No. 141 [Chapter 482-1-141], which sets the requirements for the annual audits of financial statements of insurers.  The revisions add the requirements for an internal audit function, and make various other minor amendments to make the regulation substantially similar to the Annual Financial Reporting Model Regulation developed by the NAIC in 2015.  The revisions will become effective January 1, 2019.  (38 pages)

 

·       Amendments to Section 8 of Insurance Regulation No. 148 [Rule 482-1-148-.08], which sets forth the procedures for renewal of licenses for title insurance agents.  The amendments extend the time within which title insurance agents can renew a license from 75 days to 90 days prior to license expiration.  The amendments will become effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.  (4 pages)

 

·       Amendments to Section 10 of Insurance Regulation No. 151 [Rule 482-1-151-.10], which sets forth the procedures for renewal of licenses for independent adjusters.  The amendments extend the time within which independent adjusters can renew a license from 75 days to 90 days prior to license expiration.  The amendments will become effective January 1, 2019, and will apply to licensees whose licenses expire January 31, 2019, and thereafter.  (4 pages)

 

·       Amendments to Section 1 of State Fire Marshal Regulation No. 103 [Rule 482-2-103-.01], which provides the permit fees for administration and enforcement of the Fire Protection Sprinkler Systems Act.  The amendments add the permits fees for Fire Protection Sprinkler Contractor I and II as authorized in Alabama Act No. 2017-240.  The amendments will become effective June 24, 2018.  (1 page)

 

Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing by June 7, 2018, 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 $1.00 per page and a self-addressed, postage paid return envelope.  A scanned copy may be obtained at no charge via electronic mail.  You may send an e-mail request to Raymond.Taylor@insurance.alabama.gov.