HB506 Alabama 2018 Session

Under existing law, an insurer domiciled in this state provides information to the Commissioner of Insurance concerning the corporate governance practices of the insurer at least once every five years during a full-scope examination of the insurer by the commissioner

This bill would require an insurer domiciled in this state to provide information to the Commissioner of Insurance on an annual basis regarding the corporate governance practices of the insurer by adopting a law substantially similar to the Corporate Governance Model Act developed by the National Association of Insurance Commissioners

The bill would provide that the information would be confidential and privileged

Relating to insurance; to add Chapter 29B to Title 27, Code of Alabama 1975, to require insurers domiciled in this state to provide information to the Commissioner of Insurance on an annual basis regarding the corporate governance practices of the insurer; and to provide that the information would be confidential and privileged under certain conditions.