SB26 Summary

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

• Defines a qualified actuary as a person who is independent from the insurer (not a principal, director, or indirect owner) and is a member of the Casualty Actuarial Society or has equivalent actuarial experience acceptable to the commissioner.

• Permits insurers to apply for exemptions from the actuarial opinion requirement with their domiciliary commissioner, based on exemptions provided in the National Association of Insurance Commissioners (NAIC) annual statement instructions.

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

• Effective date: The first day of the third month following passage and gubernatorial approval.