Ala. Admin. Code r. 482-1-097-.05 - Annual And Quarterly Reporting Requirements

(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.

Notes

Ala. Admin. Code r. 482-1-097-.05

New: December 19, 2000; effective January 1, 2001. Filed for codification in the Alabama Administrative Code by the Department of Insurance on November 14, 2005, pursuant to the Code of Ala. 1975, § 27-7-43. Revised: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act. Amended: Filed November 7, 2008; effective January 1, 2009. Filed with LRS November 12, 2008. Rule is not subject to the Alabama Administrative Procedure Act.

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.