HB271 Summary - Property Insurance Clarity Act

• Requires all insurance companies transacting business in Alabama to annually submit to the Department of Insurance by October 1 data on direct incurred losses, number of policies written, and direct earned premiums, separated by homeowners and commercial property insurance and organized by county and zip code.

• Mandates the Department of Insurance compile submitted data into a statewide database and post aggregate information on its website by January 15, 2012, with annual updates including breakdown by eight specific perils (fire, wind/hail, water, theft, liability, tornado, and wind-driven water).

• Requires the Department to post a general description of rate-making methodology that insurance companies may use for homeowner and commercial property rates.

• Requires insurance companies to provide historical data back to January 1, 1990, with the department posting aggregated totals by county and zip code for all years beginning with 1990.

• Imposes penalties including fines of $2,500 per day for companies failing to comply within 90 days of extension, and suspension from selling new insurance policies if non-compliant for more than 30 days after extension; provides commissioner and department employees immunity from liability.