HB713 Alabama 2010 Session

Summary

Primary Sponsor

James O. Gordon

Democrat

Co-Sponsors

James E. BuskeyRandy DavisVictor GastonJoe FaustChad FincherSteve McMillanJim Barton

Session

Regular Session 2010

Title

Insurance Department, required to collect information from insurance companies on homeowners insurance policies and premiums by counties and Zip Code and post aggregate information on website, penalties for insurance companies not in compliance, Department of Insurance Transparency Act

Description

This bill would create the Department of Insurance Transparency Act.

This bill would require insurance companies transacting business in the state to provide policy and premium information to the Department of Insurance.

This bill would require the department to provide on the department website aggregate data of the number of homeowner’s insurance policies and the total dollar amount of premiums collected and claims pending or paid representing the total of every insurance company doing business in Alabama.

This bill would also require the department to post on the department website a comprehensive description of the actuarial model used by the department for homeowner’s risk and other related data.

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Subjects

Insurance Department