SB52 Summary

• Creates Chapter 29B requiring Alabama-domiciled insurers to submit annual Corporate Governance Annual Disclosure (CGAD) reports to the Commissioner of Insurance by June 1 each year detailing corporate governance structure, policies, and practices.

• Designates CGAD documents and related information as confidential and privileged, exempting them from public records requests, freedom of information laws, subpoena, discovery, and private civil litigation.

• Authorizes Commissioner to share confidential CGAD information with state, federal, and international regulatory agencies and the NAIC if recipients agree in writing to maintain confidentiality and verify legal authority to do so.

• Imposes penalties of $1,000 per day (maximum $100,000) for late or non-compliance with CGAD filing requirements, with Commissioner discretion to reduce penalties for financial hardship.

• Amends existing insurance holding company law to define "internationally active insurance groups" as those with premiums written in at least three countries, at least 10 percent of premiums written outside the U.S., and at least $50 billion in assets or $10 billion in gross written premiums on a three-year rolling average.