Under existing law, the Insurance Commissioner receives certain documents, materials, and other information in connection with the Alabama Risk-Based Capital for Insurers Act which are confidential and not subject to public disclosure.
This bill would provide that the commissioner or any person receiving documents, materials, or other information under the Alabama Risk-Based Capital for Insurers Act under the authority of the commissioner shall not be permitted or required to testify in a private civil action concerning the confidential documents, materials, or information received; however, the documents, materials, or other information can be shared with other state, federal, and international regulatory agencies, with the NAIC, and state, federal, and international law enforcement authorities; that any such documents, materials, or other information received from the NAIC, from regulatory or law enforcement officials of foreign or domestic jurisdictions shall be maintained as confidential or privileged as provided under the laws of the source jurisdiction; that the commissioner may enter into information sharing agreements consistent with the law; and that sharing the documents, materials, or information shall not result in a waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information.
Also under existing law, the ultimate controlling person of every insurer subject to registration under the Alabama Insurance Holding Company System Regulatory Act, with certain exceptions, is required to file an annual enterprise risk report.
This bill would delete the exception to the requirement for the ultimate controlling person of every insurer subject to registration under the Alabama Insurance Holding Company Regulatory Act to file an annual enterprise risk report.
This bill would also specifically permit the Commissioner of Insurance to share otherwise confidential and privileged documents, materials, and information under the Alabama Insurance Holding Company Regulatory Act with the National Association of Insurance Commissioners and its affiliates and subsidiaries under certain circumstances.
This bill would also clarify legal authority and power for the commissioner to act as a group-wide supervisor for an internationally active insurance group or to acknowledge another regulatory person for that purpose.
Source: Alabama Legislature