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NOTICE OF REGULATION HEARING

to be held November 7, 2019, at 10:00 AM

Contact: Reyn Norman, General Counsel

(334) 241-4116

10/2/2019

Notice is hereby given that a hearing will be held at 10:00 a.m. Central Time, on Thursday, November 7, 2019, in the offices of the Alabama Department of Insurance, 201 Monroe Street, Fifth Floor Conference Room, RSA Tower, Montgomery, Alabama, as follows: 

 

Adoption of new Section 6 of Insurance Regulation No. 161 [new Rule 482-1-161-.06], which is added to adopt by reference the 2020 version of the Valuation Manual developed by the National Association of Insurance Commissioners (NAIC), to include the revisions made by the NAIC in 2019, as authorized in Section 27-36A-15, Code of Alabama 1975.  The new rule will become effective January 1, 2020.  (1 page)

 

Adoption of new Insurance Regulation No. 164 [Rule 482-1-164], which relates to licensing of pharmacy benefit managers.  The new regulation sets the fees for initial and annual renewal of license at $500, as authorized in Section 4 of Alabama Act No. 2019-457, and the fine for operating in violation of the law at $1,000 per day, as authorized in Section 6 of Alabama Act No. 2019-457.  The new regulation will become effective January 1, 2020.  (7 pages)

 

Adoption of new Insurance Regulation No. 165 [Rule 482-1-165], which relates to the issuance of professional licenses to the spouses of active duty military personnel.  The new regulation sets the rules and procedural requirements for the expedited review of applicable applications and for the waiver of the initial licensing fee for insurance producers, service representatives, independent adjusters, and title insurance agents, as authorized in Section 31-1-6, Code of Alabama 1975.  The new regulation will become effective November 17, 2019.  (4 pages)

 

Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing by November 6, 2019, 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.