HB36 Summary

• Adds Chapter 29A to Title 27 of Alabama Code, requiring insurers domiciled in Alabama to maintain a risk management framework and conduct annual Own Risk and Solvency Assessments (ORSA).

• Insurers must submit an ORSA Summary Report to the Commissioner of Insurance no more than once per year, or when significant changes occur to the insurer's risk profile, with signature attestation from the chief risk officer.

• Exempts insurers with annual direct written and unaffiliated assumed premium less than $500 million if their insurance group has less than $1 billion in annual premium.

• Designates all ORSA Summary Reports and related documents as confidential and privileged, prohibiting public disclosure and subpoena except as needed for Commissioner's regulatory duties; allows sharing with other state/federal regulators and NAIC under written confidentiality agreements.

• Imposes penalties of $100 per day for late filings, not to exceed $10,000, with first ORSA filings required in 2016; act effective January 1, 2016.