AL HB713

Creates the Department of Insurance Transparency Act requiring insurance companies transacting business in Alabama to submit annual reports by October 1 detailing homeowners claims, policies, and premiums organized by county and Zip Code.

Requires the Department of Insurance to compile submitted data into a statewide database and post aggregate totals on its website by January 15, 2011, with annual updates including information broken down by fire, hail, tornado, named storms, and flood.

Mandates the Department of Insurance post a comprehensive written description of its actuarial models and relevant data used for approving homeowners insurance premiums, provided by Zip Code for each county or group of counties.

Allows the commissioner to waive or extend the October 1 reporting deadline up to 90 days upon written request demonstrating reasonable cause, with fines of $2,500 per day for companies failing to comply within the extension period.

Suspends any insurance company from selling new policies of any kind in the state if it fails to comply for more than 30 days after an extension deadline.