The Alabama Legislature is considering a bill that would give up to $2.5 million to private insurance companies in exchange for writing policies for coastal properties.
The measure is designed to shrink the size of the Alabama Insurance Underwriters Association, the state’s insurer of last resort. Companies would have to write policies for up to 1,000 properties now covered by the association to get the state money.
Bill sponsor Rep. Randy Davis said his preference is for the money to be taken from the state’s general fund.
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