Ala. Admin. Code r. 482-1-141-.18

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-141-.18 - Exemptions And Effective Dates

(1) Upon written application of any insurer, the commissioner may grant an exemption from compliance with any and all provisions of this chapter if the commissioner finds, upon review of the application, that compliance with this chapter would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for a specified period or periods. Within ten (10) days from a denial of an insurer's written request for an exemption from this chapter, the insurer may request in writing a hearing on its application for an exemption. The hearing shall be held in accordance with the regulations of the Alabama Department of Insurance pertaining to administrative hearing procedures.

(2) Domestic insurers retaining a certified public accountant on the effective date of this chapter who qualify as independent shall comply with this chapter for the year ending December 31, 2008 and each year thereafter unless the commissioner permits otherwise.

(3) Domestic insurers not retaining a certified public accountant on the effective date of this chapter who qualifies as independent may meet the following schedule for compliance unless the commissioner permits otherwise.

(a) As of December 31, 2008, file with the commissioner an audited financial report.

(b) For the year ending December 31, 2008 and each year thereafter, such insurers shall file with the commissioner all reports and communication required by this chapter.

(4) Foreign insurers shall comply with this chapter for the year ending December 31, 2008 and each year thereafter, unless the commissioner permits otherwise.

(5) The requirements of rule 482-1-141-.07 shall be in effect for audits of the year beginning January 1, 2010 and thereafter.

(6) The requirements of rule 482-1-141-.14 are to be in effect January 1, 2010. An insurer or group of insurers that is not required to have independent audit committee members or only a majority of independent audit committee members (as opposed to a supermajority) because the total written and assumed premium is below the threshold and subsequently becomes subject to one of the independence requirements due to changes in premium shall have one (1) year following the year the threshold is exceeded (but not earlier than January 1, 2010) to comply with the independence requirements as a result of a business combination shall have one (1) calendar year following the date of acquisition or combination to comply with the independence requirements.

(7) The requirements of rule 482-1-141-.17 and other modified sections, except for rule 482-1-141-.14 covered above, are effective beginning with the reporting period ending December 31, 2010 and each year thereafter. An insurer or group of insurers that are not required to file a report because the total written premium is below the threshold and subsequently becomes subject to the reporting requirements shall have two (2) years following the year the threshold is exceeded (but not earlier than December 31, 2010) to file a report. Likewise, an insurer acquired in a business combination shall have two (2) calendar years following the date of acquisition or combination to comply with the reporting requirements.

(8) The requirements of Rule 482-1-141-.15 are to be in effect on the effective date of the rule. If an insurer or group of insurers that is exempt from the Rule 482-1-141-.15 requirements no longer qualifies for that exemption, it shall have one year after the year the threshold is exceeded to comply with the requirements of this chapter.

Ala. Admin. Code r. 482-1-141-.18

New: Filed January 31, 2008; effective July 1, 2008. Filed with LRS February 1, 2008. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXVI, Issue No. 09, June 29, 2018, eff. 1/1/2019. Rule is not subject to the Alabama Administrative Procedure Act.

Previous Rule .17 was renumbered .18 per certification filed June 14, 2018; effective January 1, 2019.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-3-26, 27-7-43.