Notice is hereby given that a hearing will be held at 10:00 a.m. Central Time, on Thursday, July 7, 2022, 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. 77 [Chapter 482-1-077] which defines the use of clearing corporations and custodians by domestic insurance companies and sets forth requirements for custody agreements. The revisions are intended to make the regulation substantially similar to the most recent version of the Model Regulation on Custodial Agreements and the Use of Clearing Corporations developed by the NAIC. (26 pages)
Adoption of revisions to Section 17.1 of Insurance Regulation No. 138 [Rule 482-1-138-.17.1] which sets forth the list of statutes and regulations applicable to captive risk retention groups. The proposed revision would specify that captive risk retention groups are subject to Insurance Regulation No. 77 [Chapter 482-1-077] regarding custodial agreements and the use of clearing corporations by domestic insurance companies. (7 pages)
Adoption of revisions to Insurance Regulation No. 159 [Chapter 482-1-159], which sets forth the rules and requirements necessary to carry out the provisions of the Strengthen Alabama Homes program. The revisions encompass changes needed to mirror recent IBHS changes and to include new contractor requirements as set forth in Ala. Act No. 2022-147. (16 pages)
Adoption of revisions to State Fire Marshal Regulation No. 101 [Chapter 482-2-101]to adopt the 2021 edition of the National Fire Codes and the International Fire Code, with exceptions; to repeal adoption of the 2015 edition of the International Building Code; to provide for the use of other codes promulgated by the International Code Council; and to provide for the inspection and copying of codes referenced in this chapter. (12 pages)
The proposed effective date of all the revisions is July 17, 2022.
Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing by 3:00 p.m. on July 6, 2022, 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 toRaymond.Taylor@insurance.alabama.gov.
Anyone desiring to participate through video conferencing must submit a written request via electronic mail to Raymond.Taylor@insurance.alabama.govnot later than 3:00 PM CT on July 6, 2021. You must include your name, address, and business affiliation, and must indicate whether you desire to speak for or against any of the regulations subject to the hearing.