Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-160 - ADJUSTMENT OF CERTAIN FEES ACCORDING TO CHANGES IN THE CPI
Section 482-1-160-.01 - Purpose And Authority

(1) The purpose of this chapter is to set forth rules the Commissioner deems necessary to carry out the provisions of Code of Ala. 1975, § 41-1-11, permitting the increase of certain fees by the percentage increase in the Consumer Price Index for all urban consumers as published by the U.S. Department of Labor, Bureau of Labor Statistics. Initially, the increase is to be calculated from the end of December in the tenth year preceding the year in which the fee increase is to be effective, or from the end of December in the last year the fee was increased, whichever period is shorter, to the end of the month preceding the month in which the fee increase is to be effective, rounded down to the nearest dollar. Thereafter, every five years this process may be repeated for the previous five years forward to the date of the requested change. The change may not exceed an increase of two percent per year.

(2) This chapter is adopted pursuant to Code of Ala. 1975, §§ 27-2-17 and 41-1-11.

(3) This chapter shall become effective April 1, 2016, upon its approval by the Commissioner of Insurance and upon its having been on file with the Legislative Reference Service for 35 days, subject to review by the Joint Committee on Administrative Regulation Review.