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Alabama Annuity Information

Alabama Department of Insurance

Annuity regulation in Alabama is overseen by the Alabama Department of Insurance (ADOI), which is part of the U.S. insurance regulatory framework. It's a highly coordinated state-based national system designed to protect policyholders and to serve the greater public interest through the effective regulation of the U.S. insurance marketplace.
Through the National Association of Insurance Commissioners (NAIC), U.S. insurance regulators establish national standards and best practices, conduct peer reviews and coordinate their regulatory oversight to better protect the interests of consumers while ensuring a strong, viable insurance marketplace. U.S. insurance regulators also participate in the International Association of Insurance Supervisors (IAIS) along with the NAIC by participating in major standard setting initiatives, including working with fellow regulators from around the world to better supervise cross-border insurers, identifying systemic risk in the insurance sector, and creating international best practices.

The commissioner of The Alabama Department of Insurance is Jim L. Ridling. Jim is a native Arkansan who has lived and worked in Montgomery since 1987, was reappointed Insurance Commissioner by Governor Robert Bentley on January 17, 2011.

Commissioner Ridling is a former Chairman of the Board of Directors for Jackson Hospital and has served on the Boards of Directors of the Montgomery Airport Authority, the Montgomery Area Chamber of Commerce and the Central Alabama Community Foundation. He is a former Chairman of the River Region United Way and continues to be involved in local business, charitable and community activities.

Alabama Annuity Resources:

Recently, the Alabama Department of Insurance and the Alabama Securities Commission have come together to great a task force called the Alabama Annuities Task Force (AATF). This new AATF was designed to investigate and regulate the sales of Annuities in Alabama, making sure to apply suitability to all of the annuity products sold in Alabama. Annuities are complex products that put most consumers at a disadvantage when it comes to understanding these complicated financial products. Therefore the AATF will be there to make sure consumers know who should and shouldn't be buying these annuity related products. On top of that the ADLOI has an informational page on their website dedicated to educating consumers on every type of product that falls under the guidance of the Alabama Department of Insurance.

Capital: Montgomery
State Commissioner: Jim L. Ridling
Insurance Hotline: 334-269-3550
Annuity Guarantee Limit: $100,000
Website: http://www.aldoi.gov/
Links: Consumer's Guide To Annuities

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