On Nov. 7, ALA INS issued bulletin re nonresident surplus line brokers.
ALA INS issued Bulletin 2024-05 related to the nonresident surplus line broker bond.
Follows ALA LEG Apr. 2024 bill re unauthorized surplus line insurers, see #207368.
Overview
Effective Jan. 1, 2025, Alabama code of 1975, ALA INS 27-10-24 requires nonresident surplus line brokers to file $50k bond to remain in force for duration of the license.
Application for new license/renewal will require a bond for license to become effective.
Regulators
ALA INS
Entity Types
Ins
Reference
Bul 2024-05, 11/7/2024; Citation: ALA INS 27-10-24;
