Code of Alabama - Title 27: Insurance - Chapter 29B - Corporate Governance Annual Disclosure Act

• 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...
• Section 27-29B-2 Definitions
  For purposes of this chapter, the following definitions apply: (1) COMMISSIONER. The Commissioner of Insurance. (2) CORPORATE GOVERNANCE ANNUAL DISCLOSURE or CGAD. A confidential report...
• Section 27-29B-3 Disclosure requirement
  (a) Not later than June 1 of each calendar year, an insurer or the insurance group of which the insurer is a member, shall submit...
• Section 27-29B-4 Rules
  The commissioner, upon notice and opportunity for all interested persons to be heard, may issue rules and orders as necessary to carry out this chapter.
• Section 27-29B-5 Contents of Corporate Governance Annual Disclosure
  (a) The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary...
• Section 27-29B-6 Confidentiality
  (a) Documents, materials, or other information, including the CGAD, in the possession or control of the department that are obtained by, created by, or disclosed...
• Section 27-29B-7 NAIC and third-party consultants
  (a) The commissioner, at the insurer's expense, may retain third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the staff...
• Section 27-29B-8 Sanctions
  Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay...
• Section 27-29B-9 Severability clause
  If any provision of this chapter, except Section 27-29B-6, or the application thereof to any person or circumstance is held invalid, that determination shall not...

Last modified: May 3, 2021