AL HB713

Creates the Property Insurance Clarity Act requiring insurance companies authorized to transact homeowners insurance business in Alabama to annually submit to the Department of Insurance data on direct incurred losses, number of policies written, and direct earned premiums by zip code, commencing October 1, 2013.

Requires the Department of Insurance to compile and post aggregated data from all insurers on its website by January 30 each year, including information on homeowners, condominium, dwelling fire, renters/tenants, and mobile home/manufactured housing property insurance.

Mandates the Department post on its website a general description of the rate-making methodology that insurance companies may use in establishing homeowners rates.

Allows the commissioner to waive, modify, or extend reporting requirements for good cause shown, including limited market share or undue burden on the insurer.

Imposes a penalty of $2,500 per month on insurers that fail to timely comply with reporting requirements after receiving 90 days' notice to cure, with collected funds deposited to the State General Fund.