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Amendments to Section 5 of Insurance Regulation No. 94 [Rule 482-1-094-.05] which sets forth general provisions applicable to the use of surplus notes by insurers. The amendments permit the use of a surplus note to initially capitalize a captive insurer, but would require the affirmative approval in writing by the commissioner, thus making an exception to the rule applicable to other insurers that an application is deemed approved unless otherwise notified within 15 business days. The effective date of the amendment is July 1, 2021.
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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 make the regulation substantially similar to the most recent revisions of the Health Insurance Reserves Model Regulation developed by the NAIC. The effective date of the revisions is June 20, 2021.
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Revisions to Insurance Regulation No. 137 [Chapter 482-1-137] which sets forth requirements concerning the suitability of the sale of annuities. The revisions make the regulation substantially similar to the most recent revisions of the Suitability in Annuity Transactions Model Regulation developed by the NAIC. Additional amendments were considered at the hearing and approved. The effective date of the revisions is January 1, 2022.
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Amendment to Section 12 of Insurance Regulation No. 138 [Rule 482-1-138-.12] which sets forth the reporting requirements for directors of captive insurers. The amendment requires captive risk retention groups to make the biographical data reports called for in Insurance Regulation No. 142 [Chapter 482-1-142]. The effective date of the amendment is July 1, 2021.
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New Section 17.1 of Insurance Regulation No. 138 [Rule 482-1-138-.17.1] which identifies the provisions of the Alabama Insurance Code (Title 27, Code of Alabama 1975), and the insurance regulations which are applicable to captive risk retention groups. The effective date of the new section is July 1, 2021.
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Revisions to Insurance Regulation No. 156 [Chapter 482-1-156] which sets forth the rules and procedural requirements necessary to implement the provisions of the Credit for Reinsurance Law, Chapter 5B, Title 27, Code of Alabama 1975, which was recently amended. The revisions make the regulation substantially similar to the most recent version of the Credit for Reinsurance Model Regulation developed by the NAIC. The effective date of the revisions is January 1, 2022, which coincides with the effective date of the revisions to the act.
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New Insurance Regulation No. 167 [Chapter 482-1-167], which establishes uniform, national standards governing reserve financing arrangements pertaining to certain term and universal life insurance policies. The new regulation is substantially similar to the Term and Universal Life Insurance Reserve Financing Model Regulation developed by the NAIC. The new regulation will become effective January 1, 2022.
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Amendments to Section 6 of Insurance Regulation No. 110 [Rule 482-1-110-.06] which sets forth the fees paid by education providers in connection with continuing education for insurance producers and service representatives. The fees were initially set in 1996 in Ala. Code § 27-8A-9, and were last adjusted effective January 13, 2016. The amendments adjust the fees according to changes in the Consumer Price Index over the last five years as permitted by Ala. Code § 41-1-11. The effective date of the amended rule is June 20, 2021.
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Revisions to Insurance Regulation No. 160 [Chapter 482-1-160], which sets forth the rules necessary to carry out the provisions of Ala. Code § 41-1-11 permitting the increase of certain fees by the percentage increase in the Consumer Price Index. The fees for service contract provider registration, initial and annual renewal, were initially set in 1997 in Ala. Code § 8-32-3, and the premium finance company annual license fee was initially set in 1975 in Ala. Code § 27-40-3, both of which were last adjusted effective April 1, 2016. The amendments adjust the fees according to changes in the Consumer Price Index over the last five years as permitted by Ala. Code § 41-1-11. The effective date of the revised regulation is June 20, 2021.
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Revisions to State Fire Marshal Regulation No. 105 [Chapter 482-2-105], which sets forth the fees necessary for the administration and enforcement of Article 8 of Chapter 17 of Title 8, Code of Alabama 1975, relating to the regulation of the manufacturing, sale and display of fireworks and the use of pyrotechnics before a proximate audience in this state. These fees were changed by the Legislature in Act 2021-399. The effective date of the new fees as set forth in the act is July 12, 2021.
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Amendments to Section 1 of State Fire Marshal Regulation No. 106 [Rule 482-2-106-.01], which sets the fees necessary for the administration and enforcement of Article 9 of Chapter 17 of Title 8, Code of Alabama 1975, known as the Alabama Explosives Safety Act of 1993. The fees were initially set in 2003 in Ala. Code §§ 8-17-243 and 8-17-247 and in 1993 in Ala. Code § 8-17-250, and were last adjusted effective January 13, 2016. The amendments adjust the fees according to changes in the Consumer Price Index over the last five years as permitted by Ala. Code § 41-1-11. The effective date of the amended rule is June 20, 2021.
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Amendments to Section 1 of State Fire Marshal Regulation No. 107 [Rule 482-2-107-.01], which sets the fees necessary for the administration and enforcement of Article 10 of Chapter 17 of Title 8, Code of Alabama 1975, known as the Reduced Cigarette Ignition Propensity Standards and Firefighter Protection Act. The fees were initially set in 2009 in Ala. Code § 8-17-273, and were last adjusted effective January 13, 2016. The revisions adjust the fees according to changes in the Consumer Price Index over the last five years as permitted by Ala. Code § 41-1-11. The effective date of the amended rule is June 20, 2021.
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Amendments to Section 1 of State Fire Marshal Regulation No. 108 [Rule 482-2-108-.01], which sets the fee necessary for the administration and enforcement of Chapter 33A of Title 34, Code of Alabama 1975, relating to the regulation of the business of installation, repair, alteration, addition, maintenance, or inspection of a fire alarm system in this state. The fee was initially set in 2009 in Ala. Code § 34-33A-5, and was last adjusted effective January 13, 2016. The amendment adjusts the fee according to changes in the Consumer Price Index over the last five years as permitted by Ala. Code § 41-1-11. The effective date of the amended rule is June 20, 2021.
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Amendments to Section 2 of Preneed Regulation No. 2 [Rule 482-3-002-.02], which sets various fees as authorized in the administration and enforcement of the Chapter 17A of Title 27, Code of Alabama 1975, known as the Alabama Preneed Funeral and Cemetery Act. The fees were originally set in 2002 in Ala. Code § 27-17A-11, and were last adjusted effective January 13, 2016. The amendments adjust the fees according to changes in the Consumer Price Index over the last five years as permitted by Ala. Code § 41-1-11. The effective date of the amended rule is June 20, 2021.