MONTGOMERY – Governor Robert Bentley on Tuesday released the following statement regarding legislative approval of a series of bills related to homeowners insurance.
“The lack of affordable homeowners insurance is an important issue affecting many people in Alabama, especially those living along the Gulf Coast,” Governor Bentley said. “These bills are a good step toward making insurance more affordable, and I am supportive of these efforts. I appreciate the commitment of the Legislature to address insurance concerns in Alabama.”
Governor Bentley will conduct a thorough review of the final bills as passed and expects to sign the bills soon.
Insurance bills receiving final approval in the Legislature Tuesday include:
• Senate Bill 230 – A bill that gives tax credits to insurance companies that write insurance policies in particular areas of Mobile and Baldwin counties.
• Senate Bill 210 – A bill that requires insurance companies to send information to the Department of Insurance on numbers of policies written, premiums collected, and losses due to claims. The department will aggregate this data and make it available online to the public via zip code searches.
• Senate Bill 164 – A bill that allows insurers in Alabama to have more flexibility in their investments by allowing them to make new, out-of-state investments.
These bills will now go to the Governor’s Office for a complete review.
In addition, Senate Bill 227 was amended by the House and now goes back to the Senate for final review. SB 227 allows homeowners to create a “catastrophe savings account” that could be used toward a deductible and other uninsured loss related to storm damage. If concurred by the Senate, SB 227 will go to the Governor.
“Our goal is to make sure affordable insurance options are available to the people of this state,” Governor Bentley said. “I commend the Alabama Department of Insurance, legislators, insurance consumers, and the insurance industry for working together on this important series of bills.”