Notice is hereby given that a hearing will be
held at 10:00 AM Central Time, on Wednesday, August 6, 2014, in
the offices of the Alabama Department of Insurance, 201 Monroe Street, Fifth Floor
Conference Room, RSA Tower, Montgomery, Alabama, as follows:
- Amendments to Section 3 of Insurance Regulation No. 62 [Rule 482-1-062-.03],
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. (3 pages)
- Revision
of Insurance Regulation No. 76 [Chapter 482-1-076], which sets forth the procedures
for recognizing a new annuity mortality table for use in determining
reserve liabilities for annuities.
The revisions incorporate the 2012 changes made in the NAIC’s Model
Rule by the same name. (12 pages)
- Amendments
to Section 9 of Insurance Regulation No. 125 [Rule 482-1-125-.09], regarding
the standards for prompt, fair and equitable settlements applicable to
fire and extended coverage type policies with replacement costs. The amendment defines actual cash value
to be replacement cost of the property at the time of loss less
depreciation. (2 pages)
- Revision
of Insurance Regulation No. 129 [Chapter 482-1-129], which sets provides
standards for certain minimum information to protect consumers and foster
consumer education. The revisions
incorporate the 2011 changes made in the NAIC’s Annuity Disclosure Model
Regulation. (43 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 Raymond.Taylor@insurance.alabama.gov.