Data Reporting Requirements – Ala. Act No. 2012-373

[LOGO] ROBERT BENTLEY GOVERNOR JIM L. RIDLING COMMISSIONER STATE OF ALABAMA DEPARTMENT OF INSURANCE 201 MONROE STREET, SUITE 502 POST OFFICE BOX 303351 MONTGOMERY, ALABAMA 36130-3351 TELEPHONE: (334) 269-3550 FACSIMILE: (334) 241-4192 INTERNET: www.aldoi.gov DEPUTY COMMISSIONER CHARLES M. ANGELL CHIEF EXAMINER RICHARD L. FORD STATE FIRE MARSHAL EDWARD S. PAULK GENERAL COUNSEL REYN NORMAN # BULLETIN NO. 2013-01 TO: All insurers authorized to write homeowners insurance FROM: Jim L. Ridling Commissioner of Insurance JLR DATE: January 28, 2013 RE: Data reporting requirements – Ala. Act No. 2012-373 (Property Insurance Clarity Act) EFFECTIVE: Immediate – implementation as stated RELATED: Bulletin No. 2012-06 (August 1, 2012) This Bulletin reminds all insurance companies authorized to transact homeowners insurance business in Alabama of the reporting requirements imposed by the Alabama Property Insurance Clarity Act, effective August 1, 2012, and now codified as Ala. Code §§ 27-22-20 through -25 (2012). The Act was the subject of Bulletin No. 2012-06 (August 1, 2012). Basically, the Act requires all affected companies to report certain historical data for homeowners insurance policies by October 1, 2013, and thereafter on an annual basis, and to report catastrophe wind/hail information in response to a Department data call based on a specific catastrophic event. After notice, the Commissioner is authorized to impose a fine of $2,500 per month on a company that fails to comply with the reporting requirements. Bulletin No. 2012-06 describes the electronic reporting system the Department is using to implement the Act. Registration in the system is required in order to submit the information required by the Act. Bulletin No. 2012-06 required all insurers with a property and casualty certificate of authority to register on the Department system not later than December 31, 2012, even if an insurer may not otherwise be required to actually report data. The Department has sent a confirmation e-mail to all companies that have complied and registered. At this date, hundreds of companies have not complied with Bulletin No. 2012-06 by registering in the system. EQUAL OPPORTUNITY EMPLOYER Bulletin No. 2013-01 January 28, 2013 Page 2 **All unregistered companies must register on the Department system not later than March 31, 2013, or the Commissioner will take administrative action against non-complying companies without further notice.** To check registration status, go to the Department website (www.aldoi.gov), click on the "Property Insurance Clarity Act" link in the "Companies" drop-down menu, click on the "Company Login" link, and then click on the "Set Up Company Account" link. If the company's name appears on the drop-down list, the company is not registered and must do so immediately. If the company's name is not on the drop-down list, the company has already registered. This Bulletin also confirms to insurers subject to the reporting requirements of the Act that the Department electronic upload system is now capable of accepting imports of companies' Clarity Act data for calendar years 2007-2012. Instructions for uploading the data may be found on the Department's website at the "Property Insurance Clarity Act" link. The Department may be contacted by e-mail at ALDOI.Webmaster@insurance.alabama.gov should assistance be needed to complete the upload process. For all other questions concerning a company's registration, please contact: Craig Devitt - craig.devitt@insurance.alabama.gov or 334-240-7555 -or- Lynn Hollifield - lynn.hollifield@insurance.alabama.gov or 334-240-7571 JLR/JFM/bc