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Bill > HB8


AL HB8

Property insurance, policy cancellation, nonrenewal, reduction of coverage, insurers required to provide prior written notice, circumstances under which policy cancellation, nonrenewal or coverage restriction by insurer deemed ineffective.


summary

Introduced
02/06/2024
In Committee
04/25/2024
Crossed Over
04/04/2024
Passed
Dead
05/09/2024

Introduced Session

Potential new amendment
Regular Session 2024

Bill Summary

Property insurance, policy cancellation, nonrenewal, reduction of coverage, insurers required to provide prior written notice, circumstances under which policy cancellation, nonrenewal or coverage restriction by insurer deemed ineffective.

AI Summary

This bill requires property insurance providers in Alabama to provide at least 90 days' written notice before cancelling, not renewing, or restricting coverage on a policy, except for non-payment of premiums (10 days' notice required). It also prohibits insurers from cancelling, not renewing, or restricting coverage until at least 90 days after repairs are completed following a hurricane, wind, or other natural disaster damage, or one year after the final claim payment. The bill applies to all residential and commercial property insurance policies issued, revised, or renewed after the effective date.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Read for the Second Time and placed on the Calendar (on 04/25/2024)

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