Alabama: Senate Coastal Bills Move to House

Several bills intended to address coastal insurance issues in Alabama are on the move from the Senate to the House.

SB 3 would allow captive insurance companies to write homeowner's coverage only in the gulf front, beach, and seacoast areas as designated by ISO. SB 5 would create a new beach plan, the Alabama Coastal Insurance Authority. SB 296 would codify the Alabama Insurance Underwriting Association, the existing beach plan.

All three bills passed out of the Senate on Thursday. SB 296 is scheduled for a hearing before the House Banking and Insurance Committee today.

Liz Reynolds, NAMIC's Southeast state affairs manager, has participated in numerous discussions and strategy sessions with other trade and company governmental affairs representatives in Alabama. She has been in contact yesterday and today with House Banking and Insurance Committee members to encourage them to grant SB 296 a favorable report.

NAMIC believes the AIUA is the proven mechanism for handling coastal exposure in Alabama. We support Insurance Commissioner Walter Bell’s desire to codify the existing beach plan in order to strengthen it for the future.

Direct questions to NAMIC State Affairs Manager Liz Reynolds.

Posted: Tuesday, May 06, 2008 12:00:00 AM. Modified: Tuesday, May 13, 2008 11:27:30 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.