Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-097 - NAIC ACCOUNTING PRACTICES AND PROCEDURES AND INSURER REPORTING REQUIREMENTS › Section 482-1-097-.05 - Annual And Quarterly Reporting Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Each authorized foreign insurer shall
			 electronically file with the National Association of Insurance Commissioners
			 (NAIC) on an annual basis on or before March 1 a financial statement containing
			 a full and true statement of its financial condition, market conduct
			 transactions, and affairs covering the preceding calendar year in accordance
			 with this chapter, and such electronic filing, when made, shall constitute the
			 filing with the Commissioner required under Section
			 27-3-26(a),
Code of Ala. 1975
. For purposes of this chapter,
			 "electronically file" and "electronic filing" mean a filing by Internet upload
			 to the NAIC or by delivery of electronic media (diskette or CD) containing the
			 required information to the NAIC. Insurers are responsible for taking all steps
			 necessary to proper and timely completion of electronic filing through the
			 NAIC. Each foreign insurer electronically filing with the NAIC shall file with
			 the Department an original signed and notarized copy of its annual financial
			 statement jurat page. The Department will not otherwise accept annual financial
			 statement filings in paper format from foreign insurers.
(2) Each authorized Alabama-domiciled insurer
			 shall file in paper format with the Department on an annual basis on or before
			 March 1 a financial statement containing a full and true statement of its
			 financial condition, market conduct transactions, and affairs covering the
			 preceding calendar year. At the time of filing with the Department, each
			 Alabama-domiciled insurer shall electronically file a copy of its annual
			 financial statement with the NAIC.
(3) At the time of its annual statement
			 filing (whether electronically or manually), each insurer shall remit to the
			 Department or its authorized depository institution (or, if implemented and
			 permitted by the Department, through an electronic funds transaction) the
			 advance fees and charges required under Section
			 27-4-2,
Code of Al.
			 1975
, and the latest audit and examination fee bulletin.
(4) Quarterly financial statements of foreign
			 insurers, if required by the Department, must be electronically filed with the
			 NAIC within the timeframe prescribed for Alabama-domiciled insurers. The
			 Department will not accept quarterly financial statement filings in paper
			 format from foreign insurers. Alabama-domiciled insurers shall file in paper
			 format with the Department quarterly financial statements covering the periods
			 ending on March 31, June 30, and September 30 within 45 calendar days after
			 each such date. At the time of filing with the Department, each
			 Alabama-domiciled insurer shall electronically file a copy of the quarterly
			 financial statement with the NAIC.
(5) Risk-based capital (RBC) reports of
			 foreign insurers must be electronically filed with the NAIC and the Department
			 will not accept such reports in paper format unless the Department directs that
			 the reports be submitted in paper format. RBC reports of Alabama-domiciled
			 insurers must be filed in paper format with the Department on or before March 1
			 covering the preceding calendar year. At the time of filing with the
			 Department, each Alabama-domiciled insurer shall electronically file a copy of
			 its RBC report with the NAIC.
(6)
			 The Commissioner may grant an extension of time, not to exceed thirty (30)
			 days, for filing a required financial statement or report if there exist
			 conditions beyond the control of the authorized insurer, such as rehabilitation
			 pursuant to Chapter 32 of the Alabama Insurance Code, or the laws of the state
			 of domicile; severe damage to the insurer's physical premises by a natural or
			 man-made disaster; or some other reason of similar gravity and
			 severity.
(7) For purposes of this
			 chapter, to the extent a statement or report must be filed in paper format with
			 the Department, the statement or report shall be postmarked by the United
			 States Postal Service or by any commercial mail or parcel delivery service on
			 or before the applicable date specified in this chapter. The date stamp affixed
			 by the Department to the face page of the statement or report shall serve as
			 evidence of the timeliness of the statement. No statement or report will be
			 accepted through facsimile transmission or by hand delivery. In the case of
			 electronic filing, timeliness of the filing will be determined by the filing
			 date as shown by the records of the NAIC.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-1-2,
				  27-3-26,
				  10-4-113,
				  27-21A-8,
				  27-30-22,
				  27-31-16,
				  27-34-36.