HB94 Alabama 2017 Session
Bill Summary
Under existing law, the Insurance Commissioner receives certain documents, materials, and other information in connection with the Alabama Risk-Based Capital for Insurers Act which are confidential and not subject to public disclosure
This bill would provide that the commissioner or any person receiving documents, materials, or other information under the Alabama Risk-Based Capital for Insurers Act under the authority of the commissioner shall not be permitted or required to testify in a private civil action concerning the confidential documents, materials, or information received; however, the documents, materials, or other information can be shared with other state, federal, and international regulatory agencies, with the NAIC, and state, federal, and international law enforcement authorities; that any such documents, materials, or other information received from the NAIC, from regulatory or law enforcement officials of foreign or domestic jurisdictions shall be maintained as confidential or privileged as provided under the laws of the source jurisdiction; that the commissioner may enter into information sharing agreements consistent with the law; and that sharing the documents, materials, or information shall not result in a waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information
Also under existing law, the ultimate controlling person of every insurer subject to registration under the Alabama Insurance Holding Company System Regulatory Act, with certain exceptions, is required to file an annual enterprise risk report
This bill would delete the exception to the requirement for the ultimate controlling person of every insurer subject to registration under the Alabama Insurance Holding Company Regulatory Act to file an annual enterprise risk report
This bill would also specifically permit the Commissioner of Insurance to share otherwise confidential and privileged documents, materials, and information under the Alabama Insurance Holding Company Regulatory Act with the National Association of Insurance Commissioners and its affiliates and subsidiaries under certain circumstances
This bill would also clarify legal authority and power for the commissioner to act as a group-wide supervisor for an internationally active insurance group or to acknowledge another regulatory person for that purpose
Relating to insurance; to amend Sections 27-2B-9, 27-29-1, 27-29-4, and 27-29-7 of the Code of Alabama 1975, and to add Section 27-29-6.2 to the Code of Alabama 1975, to provide that the commissioner or any person receiving documents, materials, or other information under the Alabama Risk-Based Capital for Insurers Act under the authority of the commissioner shall not be permitted or required to testify in a private civil action concerning the confidential documents, materials, or information received except to authorize the documents, material, or other information to be shared with other state, federal, and international regulatory agencies, with the NAIC, and state, federal, and international law enforcement authorities; to provide that any documents, materials, or other information received from the NAIC, from regulatory or law enforcement officials of foreign or domestic jurisdictions shall be maintained as confidential or privileged as provided under the laws of the source jurisdiction; to provide that the commissioner may enter into information sharing agreements consistent with the law; to provide that sharing the documents, materials, or information shall not result in a waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information; to provide that there be no exception to the requirement for the ultimate controlling person of every insurer subject to registration under the Alabama Insurance Holding Company Regulatory Act to file an annual enterprise risk report; to provide specific authority for the commissioner to share otherwise confidential and privileged documents, materials, or information under the Alabama Insurance Holding Company Regulatory Act with the National Association of Insurance Commissioners and its affiliates and subsidiaries under certain circumstances; and to clarify legal authority and power for the commissioner to act as a group-wide supervisor for internationally active insurance groups or to acknowledge another regulatory person for that purpose.
Bill Actions
Action Date | Chamber | Action |
---|---|---|
April 27, 2017 | H | Assigned Act No. 2017-228. |
April 27, 2017 | H | Forwarded to Governor on April 27, 2017 at 2:10 p.m. on April 27, 2017. |
April 27, 2017 | H | Clerk of the House Certification |
April 27, 2017 | H | Enrolled |
April 27, 2017 | S | Signature Requested |
April 27, 2017 | H | Passed Second House |
April 27, 2017 | S | Motion to Read a Third Time and Pass adopted Roll Call 746 |
April 27, 2017 | S | Third Reading Passed |
April 6, 2017 | S | Read for the second time and placed on the calendar |
April 4, 2017 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
April 4, 2017 | H | Weaver filed a Conflict of Interest Declaration |
April 4, 2017 | H | Beech intended to vote Yea |
April 4, 2017 | H | Motion to Read a Third Time and Pass adopted Roll Call 357 |
April 4, 2017 | H | Rich motion to Table adopted Roll Call 356 |
April 4, 2017 | H | Henry Amendment Offered |
April 4, 2017 | H | Third Reading Passed |
February 23, 2017 | H | Read for the second time and placed on the calendar |
February 7, 2017 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
Bill Calendar
Type | Date | Location | Description |
---|---|---|---|
Hearing | April 5, 2017 | Room 320 ** BILL ADDED** at 00:00 | Senate B&I Hearing |
Hearing | February 22, 2017 | Room 410 at 10:30 | House INS Hearing |