HB94 Summary

• Prohibits the Insurance Commissioner and persons receiving confidential documents under the Alabama Risk-Based Capital for Insurers Act from testifying in private civil actions concerning such confidential information, while permitting sharing with state, federal, international regulatory agencies, NAIC, and law enforcement authorities.

• Deletes the exception previously allowing certain ultimate controlling persons of insurers to avoid filing annual enterprise risk reports, making the filing requirement mandatory for all ultimate controlling persons of registered insurers.

• Authorizes the Commissioner to share otherwise confidential and privileged information under the Alabama Insurance Holding Company Regulatory Act with the National Association of Insurance Commissioners (NAIC) and its affiliates and subsidiaries under specified circumstances.

• Clarifies the Commissioner's legal authority to act as group-wide supervisor for internationally active insurance groups or to acknowledge another regulatory official for that purpose, establishing criteria for determining the appropriate group-wide supervisor based on location of operations and domicile of insurers.

• Specifies that sharing confidential information with NAIC or other regulators does not result in waiver of privilege or confidentiality, and establishes that NAIC documents remain confidential and privileged; amendment to Section 27-29-4 becomes effective January 1, 2019, with remainder effective immediately upon passage.