A hearing will be held before the Alabama Commissioner of Insurance at 10:00 am on February 16, 2000, at the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, Montgomery, Alabama, as follows:
Revision of Regulation No. 111, which sets forth the rules and requirements applicable to agents marketing credit insurance coverage. The proposed revisions are primarily to expand the definitions so as to include other forms of credit insurance currently in the marketplace. The proposal is for the revisions to take effect on March 1, 2000. (21 pages)
Adoption of proposed new Regulation No. 119. The purpose of this proposed regulation is to place certain restrictions on loans obtained by insurance agents from their clients. The proposed effective date is July 1, 2000. (4 pages)
Revision of Regulation No. 120, known as the Alabama Valuation of Life Insurance Policies Regulation. The proposed revision is to correct a typographical error included in the original regulation in the definition of “contract segmentation method.” The proposal is for the revision to be effective on March 1, 2000. (58 pages)
Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing to the Insurance Department (Attention: Legal Division) at least one week in advance of said hearing. 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 proposed 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 one dollar per page and a self-addressed, postage paid return envelope. An unofficial copy may also be obtained at no charge via electronic mail. You may send an e-mail request to RNorman@insurance.state.al.us