HB102 Summary

• Requires insurers domiciled in Alabama to submit a Corporate Governance Annual Disclosure (CGAD) to the Insurance Commissioner by June 1 each year, replacing the previous requirement of providing information only during five-year examinations.

• CGAD reports must be prepared consistent with the National Association of Insurance Commissioners (NAIC) Corporate Governance Annual Disclosure Model Regulation and include a signature from the insurer's chief executive officer or corporate secretary certifying implementation of corporate governance practices.

• Designates all CGAD documents and related information as confidential and privileged, exempting them from open records and freedom of information laws, subpoenas, and private civil discovery, while allowing the Commissioner to share information with other regulators and NAIC under written agreements.

• Adds definition of "Internationally Active Insurance Group" as an insurance holding company system meeting criteria including writing premiums in at least three countries, at least 10 percent of premiums outside the U.S., and assets of $50 billion or gross premiums of $10 billion.

• Establishes penalties of $1,000 per day (maximum $100,000) for insurers failing to timely file required CGAD reports without just cause; Commissioner may reduce penalties upon showing of financial hardship.