Alabama Senate Bill SB37

Alabama 2022 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22
• Refer: 2/2/22

Caption

Insurance Risk Management and Insurance Center, Insurance Dept. to establish at state university and support, fund estab., approp. for center, Sec. 27-2-39 am'd.

Impact

The implementation of SB37 is expected to have a significant impact on the landscape of insurance research and education in Alabama. By creating a state-supported center, the bill allows for a more coordinated approach to research and education in the field, which can lead to improved insurance practices and risk management strategies in the state. Furthermore, this initiative is positioned to foster partnerships between the state, educational institutions, and the insurance industry, potentially leading to innovations and enhanced service delivery within the insurance sector.

Summary

SB37 is a legislative bill that requires the Commissioner of Insurance to establish and support a Center for Risk and Insurance Research at a state university. This center is designed to carry out research, education, and outreach related to risk management and insurance issues. One of the key features of this bill is the establishment of a dedicated fund, known as the Center for Risk and Insurance Research Fund, which will be financed by a percentage of fees, licenses, and taxes collected by the Commissioner of Insurance. The bill aims to enhance the academic and practical understanding of insurance and risk management within the state.

Contention

While the bill presents a forward-thinking approach to insurance research and education, it may also face scrutiny regarding the allocation of state funds and the role of state government in higher education. Some stakeholders may argue about the implications of a government-supported entity conducting research, particularly concerning autonomy and influence on academic work. Core concerns might include how the funding will be allocated, oversight mechanisms, and the overall effectiveness of the center in meeting its intended goals.