SB147 Summary

• Amends Section 27-2-24 of the Alabama Code to establish procedures for insurance company examinations consistent with National Association of Insurance Commissioners model standards.

• Requires examiners to file verified examination reports within 60 days of completion and allows examined companies 30 days to submit written rebuttals before the Commissioner adopts, rejects, or holds a hearing on the report.

• Establishes that examination reports remain private and confidential for 20 days after adoption, then become open for public inspection unless a court stays publication or the Commissioner determines withholding is necessary to protect the examined company or serve the public interest.

• Declares all examination documents, working papers, and materials containing officer/employee compensation information confidential and privileged, exempt from open records laws and subpoena, except when used in regulatory or legal actions.

• Authorizes the Commissioner to share examination information with other state, federal, and international regulatory agencies, the NAIC, and law enforcement authorities provided recipients maintain confidentiality.