SB147 Alabama 2015 Session

Under existing law, the examiners of the Department of Insurance prepare an examination report based on the information gathered in an examination of the records of the insurer. Upon the filing of an examination report, the insurer has 20 days to file a request for a hearing regarding the report. The Commissioner of Insurance may withhold the report from public inspection for as long as necessary to protect the insurer examined from unwarranted injury or in the public interest, and thereafter, the commissioner may publish the results of the examination

This bill would require the examiner to file a verified report of examination of an insurer within 60 days of completion of an examination and would allow the insurer 30 days to file a rebuttal

Thereafter, the commissioner would be authorized to adopt the report or to reject the report with direction to reopen the examination or the commissioner may call for a hearing

This bill would further require the commissioner to hold the content of an examination as private and confidential for a period of 20 days and thereafter make the report open for public inspection with certain exceptions

This bill would further require the commissioner to hold all documents, material, or other information created, produced, or obtained by or disclosed to the commissioner in the course of the examination or in the course of the analysis by the commissioner of the financial condition or market conduct of the insurer confidential and privileged and provided they are not subject to open records laws and not subject to subpoena, except that the commissioner may share the documents, material, and other information with other state, federal, or international regulatory agencies, with the National Association of Insurance Commissioners (NAIC), and with state, federal, or international law enforcement authorities

Relating to insurance regulation by the Department of Insurance; to amend Section 27-2-24, Code of Alabama 1975; to provide procedures for reports of examination of insurance companies consistent with the model act developed by the National Association of Insurance Commissioners; to require an examiner to file a verified report of examination within 60 days of completion of an examination; to allow the insurer 30 days to file a rebuttal, after which time the Commissioner of Insurance could order the adoption of the report or the rejection of the report with direction to reopen the examination or call for a hearing; to require the commissioner to hold the content of an examination as private and confidential for a certain period and thereafter make the report open for public inspection, with certain exceptions; to require the commissioner to hold all documents, material, or other information created, produced, or obtained by or disclosed to the commissioner in the course of the examination or in the course of the analysis by the commissioner of the financial condition or market conduct of the insurer confidential and privileged and provided they are not subject to open records laws or subpoena; and to authorize the commissioner to share the documents, material, and other information with other state, federal, or international regulatory agencies, with the NAIC, and with state, federal, or international law enforcement authorities.