AL SB454

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

Requires the Department of Insurance to compile and post aggregate data on its website by January 30 each year, including information from all insurance companies collectively organized by zip code for the prior calendar year.

Mandates insurance companies submit additional detailed data by peril type (fire, wind/hail, catastrophe wind/hail, and other perils) by zip code and calendar year.

Requires the Department to post a general description of the rate-making methodology allowed for establishing homeowners insurance rates on its website.

Imposes a penalty of $2,500 per month on insurance companies that fail to comply with reporting requirements after a 90-day notice and cure period, with collected fines deposited to the State General Fund; individual company data is protected as a trade secret until aggregated across all insurers.