SB210 Summary: Property Insurance Clarity Act

• Insurance companies authorized to transact homeowners insurance in Alabama must annually submit to the Department of Insurance direct incurred losses, number of policies in force, and direct earned premiums by zip code, commencing October 1, 2013, and including data from calendar year 2007 forward.

• Homeowners insurance includes condominium, dwelling fire, renters/tenants, and mobile home/manufactured housing policies, but excludes creditor-placed, condominium association, and commercial insurance.

• Department must compile and post aggregated totals from all insurers on its website by zip code, including breakdown by peril categories (fire, wind/hail, other perils) and general description of rate-making methodology allowed for homeowners insurance.

• Insurance companies failing to timely comply shall receive 90-day notice and be fined $2,500 per month until compliance; commissioner may waive or modify requirements for good cause including limited market share or undue burden from system constraints.

• Individual company data reported to the department is protected as confidential trade secrets but may be released in aggregated form; court order required to release confidential information with 10 business days' notice to affected company.