Alabama Bill Would Provide Insurance Premium Tax Credits to Private Insurers Taking Certain Wind Policies Out of Alabama Insurance Underwriting Association
May 24, 2012
A bill that would incentivize private homeowners insurance carriers to write wind coverage policies in areas presently covered by the Alabama Insurance Underwriting Association (“AIUA”) is awaiting action by Alabama Governor Robert Bentley.
SB 230, which was passed by the Alabama Legislature on May 8, 2012, would provide credits against insurance premium taxes otherwise due by these carriers under certain circumstances.
Applicable properties would be those located in Alabama counties contiguous to the Gulf of Mexico and Mobile Bay, and insured for wind coverage under the AIUA at the time of the writing.
A copy of the bill is attached in PDF format.
Should you have any questions or comments, please contact Colodny Fass.
Click here to follow Colodny Fass on Twitter (@CFTLAWcom)
To unsubscribe from this newsletter, please send an email to Brooke Ellis at bellis@cftlaw.com.