SB52 Alabama 2019 Session

Summary

Primary Sponsor

Shay Shelnutt Senator

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.

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.

Under existing law, the Insurance Commissioner regulates insurance holding company systems that are insurers in this state. Under the law, the commissioner is authorized to act as a group-wide supervisor for an internationally active insurance group or to acknowledge another regulatory person for that purpose.

This bill would provide a definition of internationally active insurance group and specify that documents, materials, and information filed with the commissioner relative to the group-wide supervision of an internationally active insurance group are confidential and privileged.

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Subjects

Insurance