HB354 Alabama 2020 Session

Summary

Primary Sponsor

Kerry Rich

Republican

Session

Regular Session 2020

Title

Insurance, to provide for opinion of appointed actuary, to permit an insurer to apply for an exception for annual actuarial opinion requirement, Sec. 27-3-26.1 am'd.

Description

Under existing law, property and casualty insurers are required to annually file a statement of a qualified independent loss reserve specialist setting forth an opinion relating to loss and loss adjustment expense reserves.

This bill would provide for an opinion of an appointed actuary and authorize insurers to allow for an exception from the requirement to annually file an actuarial opinion based on exemptions set forth in the annual statement instructions provided by the National Association of Insurance Commissioners.

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Subjects

Insurance