HB102 Alabama 2019 Session

Updated Feb 26, 2026

Notable

Summary

Primary Sponsor: Kerry Rich
Republican
Session: Regular Session 2019
Title: Insurance companies, corporate governance, required to provide Commissioner of Insurance annually, insurance holding company systems, definition of internationally active insurance groups, confidentially, Corporate Governance Model Act enacted, Secs. 27-29B-1 to 27-29B-9, inclusive, added; Secs. 27-29-1, 27-29-7 am'd.
Summary: HB 102 would require Alabama-domiciled insurers to annually disclose their corporate governance practices through a confidential CGAD and expand group-wide supervision for internationally active insurance groups.
What This Bill Does
It creates a new Corporate Governance Annual Disclosure (CGAD) requirement for Alabama insurers, filed each year by June 1 and aligned with the NAIC Corporate Governance Model Act, with confidential treatment. It also adds a formal definition of internationally active insurance groups and makes documents related to group-wide supervision confidential. The bill updates existing insurance holding company provisions to support these CGAD filings and confidential handling of related information, including possible sharing with regulators and third-party consultants under strict confidentiality.

Who It Affects
Insurers domiciled in Alabama and their insurance groups, which must prepare and file the CGAD annually and may report at the level (ultimate parent, intermediate holding company, or individual entity) that best fits their governance oversight.
Regulators and regulatory networks (the Alabama Department of Insurance, lead-state regulators for multi-state groups, the NAIC, and third-party consultants) that may review, share under confidentiality, and use CGAD information for group-wide supervision.

Key Provisions
Adds Chapter 29B to Title 27 requiring annual Corporate Governance Annual Disclosure (CGAD) by June 1 for insurers or their insurance groups, with reporting lead state coordination as determined by NAIC guidelines.
CGAD and related information are confidential and privileged; not subject to open records laws, subpoenas, or private civil actions, with disclosure allowed only under strict confidentiality agreements to regulators, the NAIC, or third-party consultants.
Defines internationally active insurance groups and extends confidentiality to documents and information filed for group-wide supervision of such groups.
Amends Sections 27-29-1 and 27-29-7 to incorporate new definitions, reporting levels, and confidentiality rules related to CGAD and international group supervision, including procedures for sharing and ownership controls.
Penalties for failing to timely file CGAD: up to $1,000 per day, maximum $100,000, with possible reduction for financial hardship, collected by the commissioner.

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