SB454 Alabama 2012 Session

Sponsors

Session

Regular Session 2012

Title

Insurance Department, required to collect information from insurance companies on homeowners insurance policies and premiums and post aggregate information on website, penalties for insurance companies not in compliance, Property Insurance Clarity Act

Description

This bill would create the Property Insurance Clarity Act.

This bill would require insurance companies authorized to transact homeowners insurance 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 information for homeowners insurance policies pertaining to 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 rate making methodology used by the department for homeowners properties risk and other related data.

Creating the Property Insurance Clarity Act; to require insurance companies authorized to transact homeowners insurance business in the state to provide policy and premium information to the department; to require the department to provide on the department website aggregate information for homeowners insurance policies, pertaining to 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 rate making methodology used by the department for homeowners properties risk and other related data; and to provide penalties for insurance company noncompliance.

Subjects

Insurance Department