Life Insurance in Alabama

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The southern state of Alabama is bordered to the north by Tennessee, by Georgia to the east, and by Mississippi to the west. The Florida panhandle borders Alabama to the south, except for the slightest bit of land that abuts the Gulf of Mexico and gives access to the salt-water port city of Mobile. The state is ranked 30th by area and 23rd by population, with just under 4.6 million people, according to the 2006 census.

Alabama has a booming automobile industry, and it's expected that by 2009, they will be the first state in the country in automobile production, surpassing Detroit, Michigan. Automobile production is one of the reasons the state is thought by many to be one of the largest industrial growth corridor in the nation. Other important industries in Alabama include aerospace, mineral extraction, and steel production and fabrication.

Who Regulates Life Insurance in Alabama?

The responsibility of Alabama's Department of Insurance is to regulate the insurance companies operating in the state, provide consumer protection, and promote market stability.

The legal statutes relating to life insurance are defined in Alabama's Chapter 8. These regulations cover every step in the life insurance process including how companies can become licensed and how they must conduct their business.

If you have a problem with your insurance company, the Alabama Department of Insurance requests that you first try to work it out with the company involved, but if that does not solve your problem, there are several avenues you can pursue. Start by contacting the Alabama Department of Insurance and they will provide you with further direction.

If your insurance company has been declared insolvent, you may still be able to get your policies paid by contacting the Alabama Life & Disability Insurance Guaranty Association. This association is made up of all companies licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Alabama.

How to Contact the Department of Insurance in Alabama