Notice is hereby given that a hearing will be held at 10:00 AM on May 25, 2004, at the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, Montgomery, Alabama, as follows:
Revision of Regulation No. 62 [Chapter 482-1-062], which clarifies and sets out basic responsibilities of producers and licensed insurers using binders, certificates of insurance, and any other type instrument so as to not extend or restrict the coverage provided under property and casualty insurance coverages. (5 pages)
Revision of Regulation No. 100 [Chapter 482-1-100], known as the Requirement for Annual Audited Financial Reports regulation, so as to make changes necessitated by recent changes to the model regulation developed by the National Association of Insurance Commissioners. (20 pages)
Revision of Section 8 of Regulation No. 125 [Rule 482-1-125-.08), known as Standards for Prompt, Fair and Equitable Settlements Applicable to Automobile Insurance, for the inclusion of language for the insurer to pay all applicable taxes, license fees and other fees incident to transfer of ownership of the automobile paid, at no cost other than any deductible provided in the policy. (5 pages)
Adoption of proposed new Regulation No. 131 [Chapter 482-1-131]. The purpose of the proposed new regulation is to require insurers to deliver to purchasers of life insurance information that will improve the buyer’s ability to select the most appropriate plan of life insurance for the buyer’s needs and improve the buyer’s understanding of the basic features of the policy that has been purchased or is under consideration. (25 pages)
Adoption of proposed new Regulation No. 132 [Chapter 482-1-132]. The purpose of the proposed new regulation is to set forth minimum standards and guidelines to assure a full and truthful disclosure to the public of all material and relevant information in the advertising of life insurance policies and annuity contracts. (33 pages)
Adoption of proposed new Regulation No. 133 [Chapter 482-1-133]. The purpose of the proposed new regulation is to regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities and to protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions. (37 pages)
Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing 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 one dollar per page and a self-addressed, postage paid return envelope. An unofficial copy may also be obtained at no charge via electronic mail. You may send an e-mail request to DSmith@insurance.state.al.us.