HB37 Alabama 2015 Session

Summary

Primary Sponsor

Mike Hill

Republican

Session

Regular Session 2015

Title

Insurance Department, insurance companies, examinations, filing with Commissioner of Insurance, rebuttals, hearings, confidentiality provisions, Sec. 27-2-24 am'd.

Description

Under existing law, the examiners of the Department of Insurance prepare an examination report based on the information gathered in an examination of the records of the insurer. Upon the filing of an examination report, the insurer has 20 days to file a request for a hearing regarding the report. The Commissioner of Insurance may withhold the report from public inspection for as long as necessary to protect the insurer examined from unwarranted injury or in the public interest, and thereafter, the commissioner may publish the results of the examination.

This bill would require the examiner to file a verified report of examination of an insurer within 60 days of completion of an examination and would allow the insurer 30 days to file a rebuttal.

Thereafter, the commissioner would be authorized to adopt the report or to reject the report with direction to reopen the examination or the commissioner may call for a hearing.

This bill would further require the commissioner to hold the content of an examination as private and confidential for a period of 20 days and thereafter make the report open for public inspection with certain exceptions.

This bill would further require the commissioner to hold all documents, material, or other information created, produced, or obtained by or disclosed to the commissioner in the course of the examination or in the course of the analysis by the commissioner of the financial condition or market conduct of the insurer confidential and privileged and provided they are not subject to open records laws and not subject to subpoena, except that the commissioner may share the documents, material, and other information with other state, federal, or international regulatory agencies, with the National Association of Insurance Commissioners (NAIC), and with state, federal, or international law enforcement authorities.

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Subjects

Insurance