§ 27-2A-2 — Report of Material Acquisitions and Dispositions; Confidential Treatment

Alabama § 27-2A-2

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 2A: Disclosure of Material Transactions

Text

(a) Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval, or information purposes pursuant to other provisions of the insurance code, laws, regulations, or other requirements.
(b) The report required in subsection (a) is due within 15 days after the end of the calendar month in which any of the transactions in subsection (a) occur.
(c) One complete copy of the report, including any exhibits or other attachments, shall be filed with the following:
(1) The insurance department of the insurers state of domicile.
(2) The National Association of Insurance Commissioners.
(d) All reports obtained by or disclosed to the commissioner, pursuant to this section, shall be given confidential treatment and shall not be subject to subpoena and shall not be made public by the commissioner, the National Association of Insurance Commissioners, or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains. The commissioner, after giving the insurer who would be affected notice and an opportunity to be heard, may determine that the interest of policyholders, shareholders, or the public will be served by publication, in which event the commissioner may publish all or any part of the information in the manner the commissioner may deem appropriate.

Legislative History

(Acts 1996, No. 96-784, p. 1426, §3.)