Captive Insurance Bill Passes

Alabama Insurance  House unanimously passes Mobile senator's insurance reform bill.
by Jessica Taloney
Published: Thu, May 08, 2008 - 5:43 pm CST Last Updated: Tue, May 13, 2008 - 2:16 pm CST
An insurance reform bill backed by a Mobile senator is on its way to the governor's desk.
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.
Don't miss out on breaking news when you're at work or on the go. Sign up for News 5 Text Alerts that can be sent to your cell phone or PDA. News 5 can also send you breaking news alerts to your e-mail.
Email a Friend Email to a Friend   
Printer Friendly Printer Friendly
Translate: » Spanish | French | German | Italian | Japanese | Chinese | Russian | Hindi

Well that description of a captive insurance company is about as clear as mud,I need someone to interpret the legalnees for me.

Recently Commented On

Mobile Man Robbed At Gunpoint…

4 Total Comments
Mobile Man Robbed At Gunpoint In Home Invasion He said three men put a gun to his head more »

Would You Carry Your Best Friend’s…

19 Total Comments
Would You Carry  Your Best Friend’s Baby? A Mobile woman makes a sacrifice to help her best friend,… more »

Gambino Family Talks

12 Total Comments
Gambino Family Talks Family of Fairhope man accused of barricading himself inside… more »

Carjackings On The Rise

6 Total Comments
Carjackings On The Rise A man is shot during a carjacking in his own driveway. more »

Community Wants Progress on…

1 Total Comments
Community Wants Progress on 98 Bypass Some residents want work on Highway 98 bypass to resume. more »