Committee: Banking and InsuranceSponsor: Brown (C)
Analyst: John FriedenreichDate: 03/02/2021

FISCAL NOTE

House Bill 188 as passed the House of Representatives requires the transfer of any amount remaining in the Insurance Department Fund on September 30, 2021, which exceeds 25% of amount appropriated for the Insurance Department Fund for the fiscal year ending September 30, 2021 to the Strengthen Alabama Homes Fund. The bill also authorizes the Commissioner to transfer up to 50% of the amount appropriated for each fiscal year to the Strengthen Alabama Homes Fund from the Insurance Department Fund.

The following unencumbered and unexpended balances over 25% of the amount appropriated for the following fiscal year have been transferred to the State General Fund from the Insurance Department Fund:

2020$3,133,541.97
2019$5,237,746.54
2018$3,573,368.19
2017$7,933,013.92
2016$4,182,621.29
2015$2,701,521.05


 Shay Shelnutt, Chairperson
Banking and Insurance