Audit exemption to increase to match PATH Act in update to regulation

5/3/2017 5:27:21 PM audit exemption regulation

The Alabama Department of Insurance recently announced it will hold a Notice of Regulation Hearing on Wednesday, June 14 2017 at 2pm CST. 

Of particular interest is the amendment to Section 4 of Insurance Regulation No. 138 [Rule 482-1-138-04] which would increase the premium limits for requesting an exemption from annual audit requirements from $1.2 million to $2.2 million. Another amendment permits captive risk retention groups to apply for the audit exemption.

The amendments will become effective June 24, 2017.