reglab/housing_qa huggingface dataset:
AL Code § 27-29-13 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29 - Insurance Holding Company Systems.|Section 27-29-13 - Judicial Review of Actions by Commissioner; Petition for Mandamus Against Same.

Section 27-29-13Judicial review of actions by commissioner; petition for mandamus against same. (a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the commissioner pursuant to this chapter may appeal therefrom within 30 days after such action, determination, rule, or regulation is taken or issued, in accordance with the provisions of Section 27-2-32, except that the court shall conduct its review without a jury and by trial de novo; provided, however, that all the parties, including the commissioner, may stipulate that the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating. (b) The filing of an appeal pursuant to this section shall stay the application of any such rule, regulation, order, or other action of the commissioner to the appealing party unless the court, after giving such party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public. (c) Any person aggrieved by any failure of the commissioner to act or to make a determination required by this chapter may petition the Circuit Court for Montgomery County for a writ in the nature of a mandamus or a peremptory mandamus directing the commissioner to act or make such determination forthwith. (Acts 1973, No. 1042, p. 1636, §14.)
AL Code § 27-29-14 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29 - Insurance Holding Company Systems.|Section 27-29-14 - Short Title.

Section 27-29-14Short title. This chapter may be cited as the Alabama Insurance Holding Company System Regulatory Act. (Acts 1973, No. 1042, p. 1636, §1.)
AL Code § 27-29A-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-1 - Purpose and Scope.

Section 27-29A-1Purpose 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 document filed with the commissioner, that the ORSA Summary Report will be shared only as stated herein and to assist the commissioner in the performance of his or her duties, and that in no event shall the ORSA Summary Report be subject to public disclosure. (Act 2016-386, §1.)
AL Code § 27-29A-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-2 - Definitions.

Section 27-29A-2Definitions.  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) ORSA GUIDANCE MANUAL. The current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC. (6) ORSA SUMMARY REPORT. A confidential high level summary of an insurer or insurance group's ORSA. (Act 2016-386, §1.)
AL Code § 27-29A-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-3 - Risk Management Framework.

Section 27-29A-3Risk management framework.  An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. (Act 2016-386, §1.)
AL Code § 27-29A-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-4 - Orsa Requirement.

Section 27-29A-4ORSA requirement.  Subject to Section 27-29A-6, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member, or both. (Act 2016-386, §1.)
AL Code § 27-29A-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-5 - Orsa Summary Report.

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 applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof. (c) An insurer may comply with subsection (a) by providing the most recent and substantially similar report or reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. A report in a language other than English must be accompanied by a translation of that report into the English language. (Act 2016-386, §1.)
AL Code § 27-29A-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-7 - Contents of Orsa Summary Report.

Section 27-29A-7Contents 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, §1.)
AL Code § 27-29A-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-9 - Sanctions.

Section 27-29A-9Sanctions. (a) Any insurer failing, without just cause as determined by the commissioner, to timely file the ORSA Summary Report as required in this chapter shall be required, after notice and hearing as provided in Chapter 2, to pay a penalty of one hundred dollars ($100) for each day's delay, not to exceed ten thousand dollars ($10,000). (b) The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. (c) Any penalty collected under this section shall be deposited in the State Treasury to the credit of the Insurance Department Fund. (Act 2016-386, §1.)
AL Code § 27-29A-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29A - Risk Management and Own Risk and Solvency Assessment.|Section 27-29A-10 - Operative Date.

Section 27-29A-10 Operative date. The first filing of the ORSA Summary Report shall be in the year commencing on January 1, 2017, pursuant to Section 27-29A-5. (Act 2016-386, §1.)
AL Code § 27-29B-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-1 - Purpose and Scope.

Section 27-29B-1Purpose 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 that are required under applicable state corporate law. Notwithstanding the foregoing, nothing in this chapter shall be construed to limit the authority of the commissioner, or the rights or obligations of third parties, under Chapter 2. (c) The requirements of this chapter shall apply to all insurers domiciled in this state.  (Act 2019-97, §1.)
AL Code § 27-29B-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-2 - Definitions.

Section 27-29B-2Definitions. 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 filed by an insurer or insurance group in accordance with the requirements of this chapter. (3) INSURANCE GROUP. Insurers and affiliates included within an insurance holding company system as defined in Chapter 29. (4) INSURER. As defined in Section 27-1-2, except the term 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.  (5) NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS or NAIC. The National Association of Insurance Commissioners and its affiliates and subsidiaries. (Act 2019-97, §1.)
AL Code § 27-29B-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-3 - Disclosure Requirement.

Section 27-29B-3Disclosure 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 to the commissioner a Corporate Governance Annual Disclosure that contains the information described in Section 27-29B-5. Notwithstanding any request from the commissioner made pursuant to subsection (c), if the insurer is a member of an insurance group, the insurer shall submit the report required by this section to the commissioner of the lead state for the insurance group in accordance with the laws of the lead state as determined by the procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC. (b) The CGAD shall include a signature of the insurer or insurance group's chief executive officer or corporate secretary attesting to the best of that individual's belief and knowledge that the insurer has implemented the corporate governance practices and that a copy of the disclosure has been provided to the board of directors of the insurer or the appropriate committee thereof. (c) An insurer that is not required to submit a CGAD under this section shall submit a CGAD at the request of the commissioner. (d) For purposes of completing the CGAD, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level, based on the structure of the system of corporate governance of the insurer or insurance group. The insurer or insurance group is encouraged to make the CGAD disclosures at the level at which the insurer's or insurance group's risk appetite is determined; or at the level at which the earnings, capital, liquidity, operations, and reputation of the insurer are overseen collectively and at which the supervision of those factors are coordinated and exercised; or at the level at which legal liability for failure of general corporate governance duties would be placed. If the insurer or insurance group determines the level of reporting based on these criteria, it shall indicate which of the three criteria was used to determine the level of reporting and explain any subsequent changes in level of reporting. (e) The review of the CGAD and any additional requests for information shall be made through the lead state as determined by the procedures within the most recent Financial Analysis Handbook as provided for in subsection (a). (f) Insurers providing information substantially similar to the information required by this chapter in other documents provided to the commissioner, including proxy statements filed in conjunction with Form B requirements, or other state or federal filings provided to the department shall not be required to duplicate that information in the CGAD, but shall only be required to cross reference the document in which the information is included. (Act 2019-97, §1.)
AL Code § 27-29B-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-4 - Rules.

Section 27-29B-4Rules. 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. (Act 2019-97, §1.)
AL Code § 27-29B-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-5 - Contents of Corporate Governance Annual Disclosure.

Section 27-29B-5Contents 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 to permit the commissioner to gain an understanding of the insurer's or insurance group's corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies or the reporting or information system or controls implementing those policies. (b) Notwithstanding subsection (a), the CGAD shall be prepared consistent with rules adopted by the commissioner which shall be substantially similar to the Corporate Governance Annual Disclosure Model Regulation developed by the NAIC. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. (Act 2019-97, §1.)
AL Code § 27-29B-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-7 - Naic and Third-Party Consultants.

Section 27-29B-7NAIC 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 of the commissioner as may be reasonably necessary to assist the commissioner in reviewing the CGAD and related information or the insurer's compliance with this chapter. (b) Any persons retained under subsection (a) shall be under the direction and control of the commissioner and shall act in a purely advisory capacity. (c) The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the commissioner. (d) As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this chapter. (e) A written agreement with the NAIC or a third-party consultant governing sharing and use of information provided pursuant to this chapter shall contain all of the following provisions and expressly require the written consent of the insurer prior to making public information provided under this chapter: (1) Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant pursuant to this chapter. (2) Procedures and protocols for sharing by the NAIC only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality. (3) A provision specifying that ownership of the CGAD-related information shared with the NAIC or a third-party consultant remains with the department and the use of the information by NAIC or third-party consultant is subject to the direction of the commissioner. (4) A provision that prohibits the NAIC or a third-party consultant from storing the information shared pursuant to this chapter in a permanent database after the underlying analysis is completed. (5) A provision requiring the NAIC or third-party consultant to provide prompt notice to the commissioner and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's CGAD-related information. (6) A requirement that the NAIC or a third-party consultant consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant pursuant to this chapter. (Act 2019-97, §1.)
AL Code § 27-29B-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-8 - Sanctions.

Section 27-29B-8Sanctions. 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 a penalty of one thousand dollars ($1,000) for each day's delay, to be recovered by the commissioner. Any penalty recovered shall be deposited in the State General Fund. The maximum penalty under this section is one hundred thousand dollars ($100,000). The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. (Act 2019-97, §1.)
AL Code § 27-29B-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29B - Corporate Governance Annual Disclosure Act.|Section 27-29B-9 - Severability Clause.

Section 27-29B-9Severability 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 affect the provisions or applications of this chapter which can be given effect without the invalid provisions or application, and to that end the provisions of this chapter, with the exception of Section 27-29B-6, are severable. (Act 2019-97, §1.)
AL Code § 27-30-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 30 - Mutual Aid Associations.|Section 27-30-1 - "Mutual Aid Association" Defined.

Section 27-30-1"Mutual aid association" defined. For the purposes of this title, a "mutual aid association," whether otherwise known as a "benefit" or "industrial" company or by whatever other name called, is a corporation whose business is limited to the provision of any of the following payments, aid, or benefits under certificates, policies, or agreements issued to or made with members or policyholders and which payments, aid, or benefits are derived from donations, fees, dues, assessments, or premiums: (1) Upon the birth of any child, or marriage, or sickness, or physical disability of the policyholder or member, or of his dependent, to pay money or render aid; (2) The provision of dental, medical, or surgical attention, or hospital service or attention of any kind as to the member or policyholder or to his dependents; or (3) Upon death of the policyholder or member or of his dependent, to pay money or render aid, including burial benefits or the furnishing of a complete funeral and including the payment of money and rendering aid to a beneficiary as designated by the policyholder or member becoming deceased. (Acts 1927, No. 548, p. 634; Acts 1935, No. 114, p. 165; Acts 1971, No. 407, p. 707, §558.)
AL Code § 27-30-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 30 - Mutual Aid Associations.|Section 27-30-2 - Applicability of Chapter - Generally.

Section 27-30-2Applicability of chapter - Generally. (a) This chapter applies only to domestic mutual aid associations, as defined in Section 27-30-1. (b) No provision of this title shall apply to mutual aid associations except as contained or referred to in this chapter. (Acts 1971, No. 407, p. 707, §557.)