The bill amends Section 27-10-24 of the Code of Alabama 1975, specifically regarding the licensing requirements for nonresident surplus line brokers. Key changes include the insertion of new language that specifies that applications must be submitted on a form as required by the commissioner, and that the license fee must also be paid to the commissioner, with the license expiring on December 31 of the year it is issued. Additionally, the bill replaces the term "lines tax" with "line taxes" and clarifies the process for service of legal process against nonresident brokers, including the conditions under which the commissioner is appointed to receive such service.

The bill also outlines the responsibilities of business entities acting as surplus line brokers, requiring them to designate licensed individual producers who will ensure compliance with state insurance laws. It establishes that nonresident brokers must comply with the same application and fee requirements as resident brokers, and it details the procedures for serving legal documents to nonresident brokers, including alternative methods of service if the broker is found outside Alabama. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 27-10-24
Enrolled: 27-10-24