The bill, known as SB134, seeks to extend the existence and operations of the Department of Insurance in Alabama until October 1, 2028, in accordance with the Alabama Sunset Law. The legislation incorporates new legal language that affirms the continuance of the Department of Insurance and preserves the relevant sections of the Code of Alabama 1975, specifically Section 27-2-1 and Title 27. The bill reflects the recommendations of the Sunset Committee, which has reviewed the Department's performance and deemed it necessary to maintain its functions.

Additionally, the bill includes a provision that it will take effect on May 31, 2024. There are no deletions from current law noted in the text of the bill, as it primarily focuses on the continuation of the Department's existence and operations. The bill has passed both the Senate and the House of Representatives, indicating legislative support for the Department's ongoing role in Alabama's governance.