Notice is
hereby given that a hearing will be held at 10:00 a.m. Central Time, on Tuesday, December 8, 2020, in the offices of the Alabama Department of
Insurance, 201 Monroe Street, Fifth Floor Conference Room, RSA Tower,
Montgomery, Alabama, as follows:
Adoption
of revisions to Insurance Regulation No. 134 [Chapter 482-1-134] which sets
minimum reserve requirements for health insurance in accordance with the Standard
Valuation Law as set out in Chapter 36A of Title 27 of the Alabama Insurance
Code, beginning with Section 27-36A-1, Code of Alabama 1975. The revisions will become effective December
18, 2020. (38 pages)
Adoption
of revisions to Insurance Regulation No. 137 [Chapter 482-1-137] which sets
forth requirements concerning the suitability of the sale of annuities. The primary change is to add requirements
relative to “best interest obligations” as reflected in the model developed by
the National Association of Insurance Commissioners. The revisions will become effective January
1, 2021. (42 pages)
Adoption
of new Section 7 of Insurance Regulation No. 161 [new Rule 482-1-161-.07],
which is added to adopt by reference the 2021 version of the Valuation Manual developed
by the National Association of Insurance Commissioners (NAIC), to include the revisions
made by the NAIC in 2020, as authorized in Section 27-36A-15, Code of Alabama
1975. The new rule will become effective
January 1, 2021. (1 page)
Adoption
of amendment to Section 3 of Insurance Regulation No. 166 [Rule 482-1-166-.03]
which provides definitions for the Corporate Governance Annual Disclosure
regulation. The amendment corrects a
transposed number and will become effective December 18, 2020. (2 pages)
Any person
wishing to submit testimony at said hearing is requested to submit said
testimony in writing by December 7, 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.