AL HB34

Amends Section 27-3-26.1 of the Alabama Code to require property and casualty insurers to annually submit an opinion from an appointed actuary regarding loss and loss adjustment expense reserves, filed as a "Statement of Actuarial Opinion."

Replaces the previous requirement for a qualified independent loss reserve specialist with an appointed actuary opinion, which must comply with National Association of Insurance Commissioners (NAIC) annual statement instructions.

Permits insurers to apply for an exemption from the annual actuarial opinion requirement with their domiciliary commissioner based on exemptions provided in NAIC annual statement instructions.

Defines "domiciliary commissioner" as the chief insurance regulator for the jurisdiction where the insurer is domiciled.

Takes effect on the first day of the third month following passage and approval by the Governor.