SB170 Alabama 2016 Session

Sponsors

Session

Regular Session 2016

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