HB36 Alabama 2015 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2015
Title
Insurance Department, regulation of insurance companies, provision for Own Risk Management Assessments (ORSA) with Commissioner of Insurance, confidentially under certain conditions, Secs. 27-29A-1 to 27-29A-10 added
Description
<p class="bill_description"> This bill would provide further for the
regulation of insurance by requiring certain
insurers to maintain a risk management framework
and complete an Own Risk and Solvency Assessment
(ORSA) to be filed with the Commissioner of
Insurance; by adopting a law substantially similar
to the Risk Management and Own Risk and Solvency
Assessment Model Act developed by the National
Association of Insurance Commissioners</p><p class="bill_description">
The bill would provide that documents and
other information from an insurer in an assessment
would be confidential and privileged except as
otherwise provided in the bill</p><p class="bill_entitled_an_act"> Relating to the State Insurance Department and the
regulation of insurance; to add Chapter 29A to Title 27, Code
of Alabama 1975; to provide requirements for maintaining a
risk management framework and completing an Own Risk and
Solvency Assessment (ORSA), with instructions for filing an
ORSA Summary Report with the Commissioner of Insurance; and to
provide that documents and other information from an insurer
in an assessment would be confidential and privileged except
as otherwise provided in this act.
</p>
Subjects
Insurance
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 3, 2015 | H | Read for the first time and referred to the House of Representatives committee on Insurance |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB36 Alabama 2015 Session - Introduced |