SB146 Alabama 2017 Session

Updated Feb 27, 2026

Notable

Summary

Primary Sponsor: Mark Slade Blackwell
Republican
Session: Regular Session 2017
Title: Insurance Dept. Risk-Based Capital Act, information obtained privileged, Holding Company System Regulatory Act, exception for enterprise reports deleted, Commissioner authorized to share information with NAIC, legal authority for group-wide supervisor for international insurance groups, Sec. 27-29-6.2 added; Secs. 27-2B-9, 27-29-1, 27-29-4, 27-29-7 am'd.
Summary: SB146 tightens confidentiality around risk-based capital information, expands regulatory sharing and group-wide supervision for internationally active insurers, and removes a reporting exemption for enterprise risk.
What This Bill Does
It keeps RBC documents confidential and shields testimony in private civil actions, while allowing sharing with state, federal, and international regulators, the NAIC, and law enforcement; it ensures materials from foreign jurisdictions stay confidential and lets the commissioner enter information-sharing agreements without waiving privileges. It removes the exception that previously allowed the ultimate controlling person of some insurers to avoid filing an annual enterprise risk report. It also adds clear authority for the commissioner to act as, or acknowledge, a group-wide supervisor for internationally active insurance groups, with procedures for identifying the appropriate supervisor, coordinating with other regulators, and recovering related expenses.

Who It Affects
Insurers subject to the Alabama Insurance Holding Company Regulatory Act and their ultimate controlling persons: must file an annual enterprise risk report (no longer exempt) and may have confidential information shared with regulators and the NAIC.
Regulators and related entities (including the Alabama Department of Insurance, NAIC, other state/federal/international regulators, and law enforcement): may receive and share confidential RBC and holding company information under strict confidentiality rules and may engage in group-wide supervision activities for internationally active insurance groups.

Key Provisions
Confidentiality: RBC reports and related documents remain confidential and cannot be public, subpoenaed, or used in private civil actions, with sharing allowed only to regulators, the NAIC, and law enforcement under confidentiality obligations.
Sharing and privilege: Documents received from the NAIC or other jurisdictions are kept confidential per source law, and sharing does not waive any privilege.
Enterprise risk reporting: The exception that allowed certain ultimate controlling persons to avoid filing an annual enterprise risk report is removed; all affected insurers must file as prescribed.
Group-wide supervision (27-29-6.2): The commissioner may act as or acknowledge a group-wide supervisor for internationally active insurance groups, based on specified factors and in cooperation with other regulators.
Group-wide supervision powers: The commissioner may assess enterprise risks, request information, coordinate with other regulators, and establish agreements to support group-wide supervision, including potential cost recovery from insurers.
Effective dates: The amendments to 27-29-4 take effect January 1, 2019; the remainder of the act becomes effective immediately upon passage.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Insurance