SB146 Summary

• Commissioner and persons receiving documents under the Alabama Risk-Based Capital for Insurers Act are prohibited from testifying about confidential information in private civil actions, but may share such information with regulatory agencies, NAIC, and law enforcement authorities.

• Eliminates the exception previously allowing certain ultimate controlling persons to avoid filing annual enterprise risk reports; now all ultimate controlling persons of registered insurers must file annual enterprise risk reports.

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

• Clarifies Commissioner's legal authority to act as group-wide supervisor for internationally active insurance groups or to acknowledge another regulatory official as group-wide supervisor, with authority to assess enterprise risks and request information from group members.

• Amendment to Section 27-29-4 becomes effective January 1, 2019; remaining provisions take effect immediately upon passage.