Notice is hereby given that a hearing will be held at 10:00 a.m. Central Time, on Wednesday, May 6, 2020, 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 7 of Insurance Regulation No. 125 [Rule 482-1-125-.07], which sets forth the standards for prompt, fair and equitable settlements applicable to all property and casualty insurers. The amendment makes the requirement to provide written notice of the expiration of the statute of limitations on an unresolved claim apply only to first-party claimants not represented by counsel. The amendment will become effective May 16, 2020. (4 pages)
· Adoption of proposed new Insurance Regulation No. 166 [Chapter 482-1-166], which sets forth the procedures for filing and the required contents of the Corporate Governance Annual Disclosure (CGAD) as deemed necessary to carry out the provisions of Chapter 29B of the Alabama Insurance Code, beginning with Section 27-29B-1, Code of Alabama 1975, which became effective January 1, 2020. The initial filings under the new law are due no later than June 1, 2020. The proposed new regulation will become effective May 16, 2020. (13 pages)
Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing by May 6, 2020, 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. A PDF copy can also be accessed by clicking the hyperlink in the regulation descriptions above.