Notice
is hereby given that a hearing will be held at 10:00 a.m. Central Time, on Thursday,
June 14, 2018, in the offices of the Alabama Department of Insurance, 201
Monroe Street, Fifth Floor Conference Room, RSA Tower, Montgomery, Alabama, as
follows:
· Amendment to Section 3
of Insurance Regulation No. 54 [Rule 482-1-054-.03], which requires certain
licensees to provide notice to the commissioner under certain circumstances. The amendment removes the requirement for
notice from a foreign insurer of the imposition of a monetary penalty by
another state or federal agency. The
amendment will become effective June 24, 2018.
(4 pages)
· Amendments to Section
10 of Insurance Regulation No. 55 [Rule 482-1-055-.10], which provides the
format of the statement (Form A) required to be filed regarding the acquisition
of control of an insurer pursuant to Section 27-29-3. The amendments merely correct typographical
errors in two administrative code references [one in the second sentence of
Rule 482-1-055-.10 and the other in Form A, Item 12(c)]. The amendments will become effective June 24,
2018. (8 pages)
· Amendments to Section 4
of Insurance Regulation No. 110 [Rule 482-1-110-.04], which sets forth the
procedures for renewal of licenses for producers and service
representatives. The amendments extend
the time within which licensees can renew a license from 75 days to 90 days prior
to license expiration. The amendments
will become effective January 1, 2019, and will apply to licensees whose
licenses expire January 31, 2019, and thereafter. (3 pages)
· Amendments to Section 7
of Insurance Regulation No. 110 [Rule 482-1-110-.07], which implements the
continuing education requirements for producers and service
representatives. The amendments make the
changes necessary to implement the changes set forth in Alabama Act No.
2018-196, to remove the provisions allowing for extensions for complying with
the continuing education requirement, and to recognize the commissioner’s
fining authority in lieu of suspension of license for licensees submitting a
false or fraudulent certificate of compliance with the continuing education
requirements. The amendments will become
effective January 1, 2019, and will apply to licensees whose licenses expire
January 31, 2019, and thereafter. (4
pages)
· Revisions to Insurance
Regulation No. 141 [Chapter 482-1-141], which sets the requirements for the
annual audits of financial statements of insurers. The revisions add the requirements for an
internal audit function, and make various other minor amendments to make the
regulation substantially similar to the Annual Financial Reporting Model
Regulation developed by the NAIC in 2015.
The revisions will become effective January 1, 2019. (38 pages)
· Amendments to Section 8
of Insurance Regulation No. 148 [Rule 482-1-148-.08], which sets forth the
procedures for renewal of licenses for title insurance agents. The amendments extend the time within which
title insurance agents can renew a license from 75 days to 90 days prior to
license expiration. The amendments will
become effective January 1, 2019, and will apply to licensees whose licenses
expire January 31, 2019, and thereafter.
(4 pages)
· Amendments to Section
10 of Insurance Regulation No. 151 [Rule 482-1-151-.10], which sets forth the
procedures for renewal of licenses for independent adjusters. The amendments extend the time within which
independent adjusters can renew a license from 75 days to 90 days prior to
license expiration. The amendments will
become effective January 1, 2019, and will apply to licensees whose licenses
expire January 31, 2019, and thereafter.
(4 pages)
· Amendments to Section 1
of State Fire Marshal Regulation No. 103 [Rule 482-2-103-.01], which provides
the permit fees for administration and enforcement of the Fire Protection
Sprinkler Systems Act. The amendments
add the permits fees for Fire Protection Sprinkler Contractor I and II as authorized
in Alabama Act No. 2017-240. The amendments
will become effective June 24, 2018. (1
page)
Any
person wishing to submit testimony at said hearing is requested to submit said
testimony in writing by June 7, 2018, 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 to
Raymond.Taylor@insurance.alabama.gov.