Notice of Regulation Hearing

to be held August 6, 2014
Contact: Reyn Norman, General Counsel
(334) 241-4116

6/24/2014

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.

 

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