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HB 615ALABAMASession 2026rsState Billin committee

Alabama HB 615 requires catastrophe savings accounts to be held in state institutions

Original title: Catastrophe savings accounts, required to be held in Alabama banks, credit unions, or veterans financial institutions and approved by the Commissioner of Insurance

Last action · March 12, 2026: Pending Committee Action in House of OriginSponsor: Ben Robbins

Bill progressHistory & official text ↓

Introduced

Committee

Floor Vote

Passed

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What This Bill Would Do

This bill requires residents to hold their s in Alabama-based banks, credit unions, or veterans financial institutions. It applies to tax years beginning on or after January 1, 2027, and takes effect October 1, 2026.

Why it matters

Residential property owners maintaining funds for storm deductibles, FORTIFIED roof endorsements, or disaster mitigation must move or open those accounts specifically within qualifying in-state financial entities.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

Residential property owners

Property owners maintaining catastrophe savings accounts must ensure their funds are held in qualifying Alabama banks, credit unions, or veterans financial institutions.

Directly affected

Alabama banks and credit unions

Financial institutions with brick-and-mortar locations in Alabama are designated as eligible repositories for state-recognized catastrophe savings accounts.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Where must catastrophe savings accounts be held under this bill?

They must be held in Alabama banks, credit unions with a brick and mortar location in the state, or in veteran-related financial institutions.

What expenses can catastrophe savings accounts cover?

They cover insurance deductibles for residential property damaged by hurricanes or windstorms, self-insured losses, annual costs for s, and property mitigation or reroofing expenses.

What else do you want to know?

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Where This Stands

Currently in committee. The next step in the legislative lifecycle is Floor Vote.

Procedural history

2 actions

Mar 12, 2026HouseCommittee
Pending Committee Action in House of Origin
Mar 12, 2026HouseIntroduced
Read for the first time and referred to the House Committee on Financial Services

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

Lobbying Activity

No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Connected Entities

Alabama, Commissioner of Insurance

locationAlabama“Jurisdiction where accounts must be held and where taxpayers reside”Map →

OrganizationCommissioner of Insurance“Commissioner mentioned in short title regarding approved institutions”Map →

Sources

Open source document

alison.legislature.state.al.us

Analysis Score

0–100

Significance50
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level

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