HB 65 Summary

• Adds Chapter 29A to Title 27 of Alabama Code requiring insurers domiciled in the state to maintain a risk management framework and conduct an Own Risk and Solvency Assessment (ORSA) annually or when significant changes to risk profile occur.

• Requires insurers (or their insurance groups if applicable) to submit an ORSA Summary Report to the Commissioner of Insurance no more than once per year, signed by the chief risk officer or equivalent executive.

• Exempts insurers with less than $500 million in annual direct written and unaffiliated assumed premiums AND whose insurance group has less than $1 billion in such premiums; Commissioner may waive requirements or impose them based on unique circumstances or financial condition.

• Establishes ORSA Summary Reports as confidential and privileged documents not subject to public disclosure, open records laws, subpoena, or discovery in civil actions, though Commissioner may share with state, federal, and international regulators under written confidentiality agreements.

• Sets penalties of $100 per day (up to $10,000 maximum) for insurers failing without just cause to timely file required reports; effective January 1 following passage with first filings due in 2016.