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AL HB354
Bill
Status
2/27/2020
Primary Sponsor
Kerry Rich
Click for details
AI Summary
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Amends Section 27-3-26.1 of the Alabama Code to replace the requirement for a "qualified independent loss reserve specialist" statement with an "appointed actuary" opinion on loss and loss adjustment expense reserves.
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Requires property and casualty insurers filing annual statements to submit actuarial opinions in accordance with National Association of Insurance Commissioners (NAIC) annual statement instructions.
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Permits insurers to apply for exemptions from the annual actuarial opinion requirement based on exemptions provided in NAIC annual statement instructions, which may be updated over time.
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Defines "domiciliary commissioner" as the chief insurance regulator for the jurisdiction where the insurer is domiciled.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Insurance, to provide for opinion of appointed actuary, to permit an insurer to apply for an exception for annual actuarial opinion requirement, Sec. 27-3-26.1 am'd.
Insurance
Last Action
Pending third reading on day 11 Favorable from Insurance
3/5/2020