Please
be advised several regulations subject to hearing held June 14, 2018, were
approved as indicated below:
· 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, was amended to
remove the requirement for notice from a foreign insurer of the imposition of a
monetary penalty by another state or federal agency. The amendment is effective June 24, 2018.
· Section 10 of Insurance
Regulation No. 55 [Rule 482-1-055-.10], which provides the format of the Form A
statement required to be filed regarding the acquisition of control of an
insurer pursuant to Section 27-29-3, was amended to correct typographical
errors. The amendments are effective
June 24, 2018.
· 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, was amended to
extend the time within which licensees can renew a license from 75 days to 90
days prior to license expiration. The
amendments are effective January 1, 2019, and will apply to licensees whose
licenses expire January 31, 2019, and thereafter.
· Section 7 of Insurance
Regulation No. 110 [Rule 482-1-110-.07], which implements the continuing
education requirements for producers and service representatives, was amended
to make the changes necessary to implement the changes set forth in Alabama Act
No. 2018-196, removing the provisions allowing for extensions for complying
with the continuing education requirement, and recognizing 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 are become
effective January 1, 2019, and will apply to licensees whose licenses expire January
31, 2019, and thereafter.
· Insurance Regulation
No. 141 [Chapter 482-1-141], which sets the requirements for the annual audits
of financial statements of insurers, was revised to add the requirements for an
internal audit function, and made 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 are effective January 1, 2019.
· 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, was amended to extend the time
within which title insurance agents can renew a license from 75 days to 90 days
prior to license expiration. The
amendments are effective January 1, 2019, and will apply to licensees whose
licenses expire January 31, 2019, and thereafter.
· Section 10 of Insurance
Regulation No. 151 [Rule 482-1-151-.10], which sets forth the procedures for
renewal of licenses for independent adjusters, was amended to extend the time
within which independent adjusters can renew a license from 75 days to 90 days
prior to license expiration. The
amendments are effective January 1, 2019, and will apply to licensees whose
licenses expire January 31, 2019, and thereafter.
· 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,
was amended to add the permits fees for Fire Protection Sprinkler Contractor I
and II as authorized in Alabama Act No. 2017-240. The amendments are effective June 24, 2018.
These
and other regulations of the Department of Insurance can be accessed from the
following links: