By Jessica Taloney Reporter
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Published: Thu, May 08, 2008 - 6:43 pm
Last Updated: Tue, May 13, 2008 - 3:16 pm
Jessica Taloney
The measure, SB-03, which will allow captive insurance companies to sell homeowners' insurance, won unanimous approval form the state House of Representatives Thursday afternoon, despite a months-long partisan battle that threatened to kill the bill.
Senator Ben Brooks (R-Mobile) says he wrote the legislation to help Gulf Coast homeowners struggling with what many are calling an insurance crisis.
Earlier this week, Representative Lesley Vance (D-Russell) said he doubted the bill would pass. "They've got pull," said Vance, when asked about ALFA, the state's second largest insurer who in the past had fought Brooks' insurance reform. "You bet they've got influence," he said.
Governor Bob Riley's office did not immediately return News Five's call about whether he plans to sign SB-03, but Riley stood beside Brooks last fall when he unveiled the bill during a press conference at Irvington First Baptist Church.
News 5 first reported this story as BREAKING NEWS on wkrg.com.
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Well that description of a captive insurance company is about as clear as mud,I need someone to interpret the legalnees for me.