HB506 Alabama 2018 Session

Summary

Primary Sponsor

Kerry Rich

Republican

Session

Regular Session 2018

Title

Insurance companies, corporate governance, required to provide Commissioner of Insurance annually, Corporate Governance Model Act enacted, Secs. 27-29B-1 to 27-29B-9, inclusive, added

Description

Under existing law, an insurer domiciled in this state provides information to the Commissioner of Insurance concerning the corporate governance practices of the insurer at least once every five years during a full-scope examination of the insurer by the commissioner.

This bill would require an insurer domiciled in this state to provide information to the Commissioner of Insurance on an annual basis regarding the corporate governance practices of the insurer by adopting a law substantially similar to the Corporate Governance Model Act developed by the National Association of Insurance Commissioners.

The bill would provide that the information would be confidential and privileged.

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Subjects

Insurance