SB169 Alabama 2016 Session
Bill Summary
Under existing law, certain life insurance policies are required to contain provisions providing an appropriate minimum cash value
This bill would revise the Standard Nonforfeiture Law for Life Insurance to provide consistent minimum cash value requirements for various new life insurance products; to provide a more appropriate allowance for acquisition expenses; to remove the exemption for group life insurance products; and to provide for an effective date
Under existing law, the reserves of life insurance companies are determined according to the Standard Valuation Law
This bill would provide further for the regulation of life insurance by amending the Standard Valuation Law to make Alabama's law substantially similar to the current version of the model Standard Valuation Law developed by the National Association of Insurance Commissioners
To add Article 3 to Chapter 15 of Title 27, Code of Alabama 1975, and to add Chapter 36A of Title 27, Code of Alabama 1975, relating to the State Insurance Code and the regulation of insurance by the State Insurance Department; to further provide for the regulation of life insurance by reenacting with changes and recodifying the Standard Nonforfeiture Law for Life Insurance to provide consistent minimum cash value requirements for various new life insurance products, to provide a more appropriate allowance for acquisition expenses, to remove the exemption for group life insurance products, to reenact with changes the Standard Valuation Law to make the law substantially similar to the model Standard Valuation Law of the National Association of Insurance Commissioners; and to repeal Sections 27-15-28 and 27-36-7, Code of Alabama 1975.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 4, 2016 | S | Assigned Act No. 2016-411. |
| May 4, 2016 | H | Signature Requested |
| May 4, 2016 | S | Enrolled |
| May 4, 2016 | S | Passed Second House |
| May 4, 2016 | H | Motion to Read a Third Time and Pass adopted Roll Call 872 |
| May 4, 2016 | H | Hammon motion to Previous Question adopted Roll Call 871 |
| May 4, 2016 | H | Third Reading Passed |
| May 4, 2016 | H | Johnson (K) motion to Carry Over Temporarily adopted Voice Vote |
| May 4, 2016 | H | Third Reading Carried Over |
| March 23, 2016 | H | Read for the second time and placed on the calendar |
| March 15, 2016 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
| March 15, 2016 | S | Motion to Read a Third Time and Pass adopted Roll Call 416 |
| March 15, 2016 | S | Third Reading Passed |
| February 17, 2016 | S | Read for the second time and placed on the calendar |
| February 9, 2016 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | March 23, 2016 | Room 410 at 10:30 | House INS Hearing |
| Hearing | February 17, 2016 | Room 320 **AGENDA CHANGE: PUBLIC HEARING ADDED** at 11:30 | Senate B&I Public Hearing |
| Hearing | February 17, 2016 | Room 320 at 11:30 | Senate B&I Public Hearing |