By Susan Britt
Alabama Political Reporter
On Tuesday, SB210, to be known as the Property Insurance Clarity Act, unanimously passed the Senate Banking and Insurance Committee. The bill’s sponsor is Senator Trip Pittman, (R-Daphne).
The bill proposes that Alabama insurance companies be required to provide policy and premium information to the Department of Insurance. The department would, in turn, post this information on its website in a actuarial model used for homeowner’s and commercial properties risk assessment.
This is to include homeowners and commercial insurance policies and premiums by county and zip code.
Soon followed SB200 from the Ethics Commission, sponsored by Senator Bryan Taylor (R-Prattville), in unanimously passing through committee. This is an amendment to Section 36-25-19, Code of Alabama 1975.
Under existing law, lobbyists are required to report any cost paid of items excluded from the definition of things of value (de minimis) of expenses that has an actual cost of more than $250 in a 24-hour period. Also any person who spends more than $250 in a 24-hour period while negotiating a contract or financial transaction must report quarterly.
This new bill would eliminate both the time constraint (24-hours) and the minimum amount, meaning that all expenses generated by lobbyists and non-lobbyists in relation to public official or employees and their family members must be reported. It would also require additional information relating to each expenditure.