HB161 Alabama 2013 Session

Summary

Primary Sponsor

Jim Barton

Republican

Co-Sponsors

Steve McMillanVictor GastonNapoleon BracyJoe FaustHarry ShiverDavid SessionsRandy DavisAlan BakerChad Fincher

Session

Regular Session 2013

Title

Insurance, requiring certain property insurers and surplus producers to report and disclose rate information

Description

Existing law does not specifically require property insurers and surplus producers to provide their new and renewal insureds with premium details, separately and combined, on the policy declaration page of the perils of wind or hail coverage and the perils of non-wind or hail coverage on each homeowners, dwelling, and commercial property insurance policy.

This bill would require all property insurers and surplus producers to provide their new and renewal insureds with premium details, separately and combined, on the policy declaration page of the perils of wind or hail coverage and the perils of non-wind or hail coverage on each homeowners, dwelling, and commercial property insurance policy.

This bill would provide that proposed rates filed with an effective date of 2015 shall be submitted to the Department of Insurance and displayed in the rate manual of the insurer providing property rates.

This bill would provide that personal property insurers that utilize the credit history of the insured in determining the policy premium of the insurer, credit rating factors, or rating tiers that are partially or completely based on the credit history utilized in the premium calculation shall be filed separately for the perils of wind or hail coverage and the perils of non-wind or hail coverage, and those rating factors shall properly reflect the predictability of future losses for those two coverages from the credit history of the insured.

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Subjects

Insurance