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AL HB641
Bill
Status
4/22/2021
Primary Sponsor
Kerry Rich
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AI Summary
HB641 Summary
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Amends Alabama Insurance Holding Company System Regulatory Act to require ultimate controlling persons of registered insurers to file annual group capital calculations using NAIC Group Capital Calculation Instructions with the lead state commissioner.
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Requires ultimate controlling persons of insurers scoped into the NAIC Liquidity Stress Test Framework to file annual liquidity stress test results to the lead state commissioner to assist in group regulation.
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Designates group capital calculations, resulting group capital ratios, liquidity stress test results, and supporting documentation as confidential and privileged information not subject to public records disclosure laws or subpoena.
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Allows Commissioner of Insurance to share confidential information with other state/federal regulators, NAIC, third-party consultants, and law enforcement when recipients agree in writing to maintain confidentiality and have legal authority to do so.
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Prohibits misleading public statements or advertisements regarding group capital calculations, group capital ratios, or liquidity stress test results, with limited exceptions for rebutting materially false statements.
Legislative Description
Insurance holding companies, regulation by Commissioner of Insurance, group capital calculation and stress test, providing for holding companies, duties to Commission and lead state commissioner, confidentiality under Regulatory Act, Secs. 27-29-1, 27-29-3, 27-29-4, 27-29-7 am'd.
Insurance
Last Action
Read for the first time and referred to the House of Representatives committee on Insurance
4/22/2021