HB77 - Market Conduct Annual Statement Act Summary

• Authorizes the Alabama Department of Insurance Commissioner to collect market conduct annual statement data from admitted insurers with direct written premiums exceeding $100,000 for market analysis purposes.

• Establishes procedures for designating statistical agents and qualified professional organizations to gather, compile, and report market conduct data to the Commissioner, with compensation limited to reasonable and necessary costs.

• Requires insurers to receive advance notice before July of the preceding year for data collection (two years in advance for new data not currently collected by insurers).

• Designates market conduct annual statement data as confidential and privileged, exempt from subpoena, discovery, and public records disclosure, with protections against unauthorized disclosure and liability for security breaches.

• Permits the Commissioner to share market conduct data with state, federal, international regulatory agencies, and the National Association of Insurance Commissioners only if recipients maintain confidentiality and privileged status.