Bill Text: AL HB58 | 2023 | Regular Session | Introduced

Bill Title: Relating to insurance; to define lender-placed insurance on real property and provide a framework for regulating lender-placed insurance; to require separation between lenders and insurers and define unfair competitive practices in the sale, placement, solicitation, and negotiation of lender-placed insurance; to further provide for the term of the lender-placed insurance on real property and for the calculation of coverage and payment of premium; to provide for prohibited practices in the issuance of lender-placed insurance on real property; to require certain details of the insurance to be set forth in the policy or certificate of insurance; to require for the filing and approval by the Department of Insurance of the forms and rates to be charged for the insurance; to provide for the enforcement of the act and penalties for violations of the act; and to provide for judicial review of orders of the Commissioner of Insurance.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-22 - Carry Over by House Insurance [HB58 Detail]

Download: Alabama-2023-HB58-Introduced.pdf
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