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27-29A-1
Section 27-29A-1 Purpose and scope. (a) The purpose of this chapter is to provide the
requirements for maintaining a risk management framework and completing an Own Risk and Solvency
Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report
with the Commissioner of Insurance. (b) The requirements of this chapter shall apply to all
insurers domiciled in this state unless exempt pursuant to Section 27-29A-6. (c) The
Legislature finds and declares that the ORSA Summary Report will contain confidential and
sensitive information related to an insurer or insurance group's identification of risks material
and relevant to the insurer or insurance group filing the report. This information will include
proprietary and trade secret information that has the potential for harm and competitive disadvantage
to the insurer or insurance group if the information is made public. It is the intent of this
Legislature that the ORSA Summary Report shall be a confidential...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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27-29A-8
Section 27-29A-8 Confidentiality. (a) Documents, materials, or other information, including
the ORSA Summary Report, in the possession of or control of the Department of Insurance that
are obtained by, created by, or disclosed to the commissioner or any other person under this
chapter, are recognized by this state as being proprietary and to contain trade secrets. All
such documents, materials, or other information shall be confidential by law and privileged,
shall not be subject to any open records, freedom of information, sunshine, or other public
record disclosure laws, shall not be subject to subpoena, and shall not be subject to discovery
or admissible in evidence in any private civil action. However, the commissioner is authorized
to use the documents, materials, or other information in the furtherance of any regulatory
or legal action brought as a part of the commissioner's official duties. The commissioner
shall not otherwise make the documents, materials, or other information...
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27-29A-5
Section 27-29A-5 ORSA Summary Report. (a) Upon the commissioner's request, and no more
than once each year, an insurer shall submit to the commissioner an ORSA Summary Report or
any combination of reports that together contain the information described in the ORSA Guidance
Manual, applicable to the insurer or the insurance group of which it is a member, or both.
Notwithstanding any request from the commissioner, if the insurer is a member of an insurance
group, the insurer shall submit the report or reports required by this subsection if the commissioner
is the lead state commissioner of the insurance group as determined by the procedures within
the Financial Analysis Handbook adopted by the NAIC. (b) The report or reports shall include
a signature of the insurer or insurance group's chief risk officer or other executive having
responsibility for the oversight of the insurer's enterprise risk management process attesting
to the best of his or her belief and knowledge that the insurer...
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27-29A-6
Section 27-29A-6 Exemption. (a) An insurer shall be exempt from the requirements of
this chapter, if it meets both of the following: (1) The insurer has annual direct written
and unaffiliated assumed premium, including international direct and assumed premium but excluding
premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program,
less than five hundred million dollars ($500,000,000). (2) The insurance group of which the
insurer is a member has annual direct written and unaffiliated assumed premium including international
direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance
Corporation and Federal Flood Program, less than one billion dollars ($1,000,000,000). (b)
If an insurer qualifies for exemption pursuant to subdivision (1) of subsection (a), but the
insurance group of which the insurer is a member does not qualify for exemption pursuant to
subdivision (2) of subsection (a), then the ORSA Summary Report that may...
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27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1)
No person other than the issuer shall make a tender offer for or a request or invitation for
tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire
in the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
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15-22-1.1
Section 15-22-1.1 Interstate Compact for Adult Offender Supervision. Whereas: The Interstate
Compact for the Supervision of Parolees and Probationers was established in 1937, it is the
earliest corrections "compact" established among the states and has not been amended
since its adoption over 62 years ago; Whereas: This compact is the only vehicle for the controlled
movement of adult parolees and probationers across state lines, and it currently has jurisdiction
over more than a quarter of a million offenders; Whereas: The complexities of the compact
have become more difficult to administer, and many jurisdictions have expanded supervision
expectations to include currently unregulated practices such as victim input, victim notification
requirements, and sex offender registration; Whereas: After hearings, national surveys, and
a detailed study by a task force appointed by the National Institute of Corrections, the overwhelming
recommendation has been to amend the document to bring about...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/15-22-1.1.htm - 43K - Match Info - Similar pages
27-29A-7
Section 27-29A-7 Contents of ORSA Summary Report. (a) The ORSA Summary Report shall
be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection
(b). Documentation and supporting information shall be maintained and made available upon
examination or upon request of the commissioner. (b) The review of the ORSA Summary Report,
and any additional requests for information, shall be made using similar procedures currently
used in the analysis and examination of multi-state or global insurers and insurance groups.
(Act 2016-386, ยง1.)...
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27-29A-2
Section 27-29A-2 Definitions. For purposes of this chapter, the following definitions
shall apply: (1) INSURANCE GROUP. Those insurers and affiliates included within an insurance
holding company system as defined in Chapter 29. (2) INSURER. As set forth in Section
27-1-2, except that it shall not include agencies, authorities, or instrumentalities of the
United States, its possessions and territories, the Commonwealth of Puerto Rico, the District
of Columbia, or a state or political subdivision of a state. (3) NAIC. The National Association
of Insurance Commissioners and its affiliates and subsidiaries. (4) OWN RISK AND SOLVENCY
ASSESSMENT or ORSA. A confidential internal assessment, appropriate to the nature, scale,
and complexity of an insurer or insurance group, conducted by that insurer or insurance group
of the material and relevant risks associated with the insurer or insurance group's current
business plan, and the sufficiency of capital resources to support those risks. (5)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29A-2.htm - 1K - Match Info - Similar pages
27-29B-1
Section 27-29B-1 Purpose and scope. (a) The purpose of this chapter is to do all of
the following: (1) Provide the Commissioner of Insurance a summary of an insurer or insurance
group's corporate governance structure, policies, and practices to permit the commissioner
to gain and maintain an understanding of the insurer's corporate governance framework. (2)
Outline the requirements for completing a corporate governance annual disclosure with the
commissioner. (3) Provide for the confidential treatment of the corporate governance annual
disclosure and related information that will contain confidential and sensitive information
related to an insurer or insurance group's internal operations and proprietary and trade secret
information which, if made public, could potentially cause the insurer or insurance group
competitive harm or disadvantage. (b) Nothing in this chapter shall be construed to prescribe
or impose corporate governance standards and internal procedures beyond the procedures...
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