HB350 Alabama 2012 Session

This bill would create the Property Insurance Clarity 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, separately for homeowners and commercial property insurance policies, of the number of policies written, the direct earned premiums, and the direct incurred losses 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 and commercial properties risk and other related data

Creating the Property Insurance Clarity Act; to require insurance companies transacting business in the state to provide policy and premium information to the department; to require the department to provide on the department website aggregate data, separately for homeowners and commercial property insurance policies, of the number of policies written, the direct earned premiums, and the direct incurred losses representing the total of every insurance company doing business in the state; to require the department to post on the department website a comprehensive description of the actuarial model used by the department for homeowner's and commercial properties risk and other related data; and to provide penalties for insurance company noncompliance.