Alabama Department of Insurance Issues Two Bulletins to Property Casualty Insurers This Week
Jun 10, 2016
The Alabama Department of Insurance issued the following Bulletins to property and casualty insurers today, June 9, 2016 and yesterday, June 8 (to go directly to each complete bulletin, click on the hyperlinks below):
Personal Property By-Peril Rating Requirements – Insurance Reg. 152 (Chapter 482-1-152) – Bulletin No. 2016-05
This Bulletin reminds of the effective date within Regulation 152 relating to Personal Property By-Peril Rating Requirements. Any insurer subject to these requirements that fails to make the required disclosures by the indicated deadlines will be deemed to have willfully violated rating laws and may be subject to show cause as to why its certificate of authority should not be suspended.
Cancellation or nonrenewal of policies; premium increase notification (REPLACES Bulletin dated August 30, 1985 “Unfair Trade Practices”) – Bulletin No. 2016-04
In order to provide insureds with an adequate opportunity to shop for alternative coverage in the event of a company-initiated premium increase or non-renewal of coverage, the Alabama Department of Insurance has deemed that a minimum of 30 days’ advance notice to the insured of such actions will be adequate. However, failure by companies to provide such notice will deemed as an Unfair Trade Practice.
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