Bill
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
02/06/2024
In Committee
04/25/2024
04/25/2024
Crossed Over
04/04/2024
04/04/2024
Passed
Dead
05/09/2024
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)
Official Document
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