Section 27-22-20 – Short Title.
Section 27-22-20 Short title. This article shall be known and may be cited as the Property Insurance Clarity Act. (Act 2012-373, p. 932, §1.)
Section 27-22-21 – Policy and Premium Information to Be Submitted to the Department of Insurance.
Section 27-22-21 Policy and premium information to be submitted to the Department of Insurance. (a) Each insurance company authorized to transact homeowners insurance business in the State of Alabama shall annually submit to the department for homeowners insurance policies, computations of the total amount of direct incurred losses, the number of policies in force, and […]
Section 27-22-22 – Rate-Making Methodologies
Section 27-22-22 Rate-making methodologies The department shall also post on the department website a general description of the rate-making methodology that the department allows insurance companies to use in establishing their homeowners rates. (Act 2012-373, p. 932, §3.)
Section 27-22-23 – Submission of Information and Compilation of Aggregate Totals.
Section 27-22-23 Submission of information and compilation of aggregate totals. Commencing on October 1, 2013, each insurance company authorized to transact homeowners insurance business in this state shall provide the information required pursuant to subsection (a) of Section 27-22-21, commencing with the calendar year 2007. Voluntary submissions of the information required by subsection (a) of […]
Section 27-22-24 – Reporting Requirements; Waiver, Modification, etc.; Failure to Comply.
Section 27-22-24 Reporting requirements; waiver, modification, etc.; failure to comply. (a) Upon written request of an insurance company, the commissioner may waive, modify, or extend for an additional time period, for good cause shown, the reporting requirements imposed by this article. The request shall demonstrate good cause for waiving, modifying, or extending the reporting requirements. […]
Section 27-22-25 – Confidentiality of Information.
Section 27-22-25 Confidentiality of information. Any information reported to the department by an insurer pursuant to this article is considered a commercially valuable trade secret as defined in Section 8-27-2, and shall be confidential. However, once the information from all of the insurers is aggregated, then the department may provide such information in accordance with […]