SB390 Alabama 2015 Session

Under existing law, the Board of Directors of the Alabama Insurance Underwriting Association is selected pursuant to the plan of operation of the association, membership in the association is required for all insurers authorized and writing fire and extended coverage insurance in this state, newly authorized insurers become members of the association on November 1 next following the effective date of authorization, and certain coverage territories are specifically defined

This bill would provide further for the selection of the Board of Directors of the Alabama Insurance Underwriting Association

This bill would require membership in the association for all insurers authorized in this state for fire and extended coverage insurance

This bill would provide for newly authorized insurers to become members of the association on January 1 next following the effective date of authorization

This bill would also require coverage territories to be specified in the plan of operation

To amend Section 27-1-24, Code of Alabama 1975, relating to the Alabama Insurance Underwriting Association; to provide for the selection of the members of the Board of Directors of the Alabama Insurance Underwriting Association; to require all insurers authorized for fire and extended coverage insurance to be members of the association; to require newly authorized insurers to become members of the association on January 1 next following the effective date of authorization; and to require coverage territories to be specified in the plan of operation.