SB534 Summary

• Creates the Department of Insurance Transparency Act requiring all insurance companies transacting business in Alabama to annually submit homeowners' insurance data to the Department of Insurance by October 1, including total claims (pending or paid), number of policies, and premium amounts organized by county and Zip Code.

• Mandates the Department of Insurance compile submitted data into a statewide database and post aggregate totals on its website by January 15, 2011, updated annually with breakdowns by county and Zip Code for fire, hail, tornado, named storms, and flood perils.

• Requires the Department of Insurance to publicly post a comprehensive written description of its actuarial models and relevant data used for approving homeowners' insurance premiums, organized by Zip Code for each county or set of counties.

• Imposes penalties on non-compliant insurance companies including $2,500 daily fines for those failing to meet the October 1 deadline after a 90-day extension, and suspension from selling new insurance policies of any kind in the state for companies non-compliant more than 30 days after extension.

• Provides liability protection for the insurance commissioner and department employees for actions taken under the act and allows the commissioner to grant deadline waivers or extensions up to 90 days upon written request demonstrating reasonable cause.