I have the 722 engine with the 40 amp alternator and I have a problem with alternator light and buzzer coming on and staying on. According to my amp meter, the alternator is working OK but alarms will not shut down.
The engine was installed in 1998. The voltage is about 15v+(reading from the analog meter from my electrical panel) and the batery voltage is 12.6+. I had a Adverc battery manager, but I had to disconnect it because the voltage was reading 16.5 and according to the manual that indicated a problem. I can not tell you the lights dim or brighten. The Battery was charging OK so I disconnect the light and buzzer temporally for my last boating trip.
I would guess at one time the brown / black has shorted to the small brown and caused the circuitry which would usually trigger the charge indication lamp to fail. The way we would sort this would be to change the alternator for a new one.