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Notice of Insurance Regulation Hearing

To Be Held December 13, 2007, At 10:00 AM

Contact: Elizabeth Bookwalter, Assistant Attorney General



11/5/2007

Notice is hereby given that a hearing will be held at 10:00 A.M. on Thursday, December 13, 2007, in the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, RSA Tower, Montgomery, Alabama, as follows:

 

Revision of Section 5 of Regulation No. 097 [Rule 482-1-097-.05], which establishes uniform requirements for the filing of annual and quarterly reports by insurers, to include a requirement for the filing of market conduct reports.

 

Revision of Section 6 of Regulation No. 097 [Rule 482-1-097-.06], which establishes uniform requirements for the filing of manual and automated reports by insurers, to include a requirement for the filing of market conduct reports.

 

Revision of Section 3 of Regulation No. 104 [Rule 482-1-104-.03], which sets forth procedures for the distribution and protection of certain information, to specify that this rule applies to market conduct examination and to declare that the market conduct annual statement shall be confidential.

 

Revision of Section 2 of Regulation No. 133 [Rule 482-1-133-.02], which sets forth the purpose and scope of the chapter which regulates the replacement of life insurance and annuities, to include an exception for the exercise of a term conversion privilege among corporate affiliates.

 

Revision of Regulation No. 43 [Chapter 482-1-043], which governs the writing of mortgage guaranty insurance in this state. (7 pages)

 

Revision of Regulation No. 66 [Chapter 482-1-066], which prescribes procedures to be used by insurers in handling unclaimed funds falling under the unclaimed and abandoned property laws of Alabama. (5 pages)

 

Revision of Regulation No.91 [Chapter 482-1-091], which implements the Alabama Long-Term Care Insurance Policy Minimum Standards Act.  The proposed revisions are designed to cause this regulation to be substantially similar to the model regulation developed by the National Association of Insurance Commissioners. (70 pages)

 

Repeal of Regulation No. 41 [Chapter 482-1-041], known as Stockholder Information Supplement to Annual Statement: Proxies, Consents and Authorizations, which became effective December 30, 1964.  The provision of this regulation have been superseded by newer law and regulation.  (1 page)

 

Repeal of Regulation No. 100 [Chapter 482-1-100], known as Requirement for Annual Audited Financial Reports, which became effective June 2004.  The provisions of this regulation will be superseded by Regulation No. 141 [ Chapter 482-1-141]. (14 pages)

 

Adoption of proposed new Regulation No. 141 [Chapter 482-1-141].  The purpose of the new regulation is to improve the Department’s surveillance of the financial condition of insurers by requiring certain audits, communications and reports. ( 50 pages)

 

Adoption of proposed new Regulation No. 142 [Chapter 482-1-142]. The purpose of the new regulation is to require uniform standards for biographical data relating to officers and directors. (16 pages)

 

Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing to the Alabama Department of Insurance, Attention: Legal Division, Post Office Box 303351, Montgomery, Alabama 36130-3351.  Any written submission of testimony prior to the hearing will not preclude anyone from making an oral or written presentation at the hearing. 

 

A copy of the regulations may be obtained by written request to the Alabama Department of Insurance, Post Office Box 303351, Montgomery, Alabama 36130-3351.  The request must include payment of one dollar per page and a self-addressed, postage paid return envelope.  An unofficial copy may also be obtained at no charge via electronic mail.  You may send an e-mail request to shawn.stewart@insurance.alabama.gov.