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27-10-20
Section 27-10-20 Procuring of surplus lines from unauthorized insurers. If certain insurance
coverages cannot be procured on terms acceptable to the insureds from authorized insurers,
such coverages, designated "surplus lines," may be procured from unauthorized insurers
subject to the terms and conditions of either subdivisions (1) or (2) of this section:
(1)a. The insurance must be procured through a licensed surplus line broker; b. The full amount
of insurance required must not be procurable, after diligent effort has been made to do so,
from among the insurers authorized to transact and actually transacting that kind and class
of insurance in this state or has been procured to the full extent such insurers are willing
to insure; c. The insurance must not be procured for the purpose of securing advantages as
to a lower premium rate than would be accepted by an authorized insurer; and d. This section,
and this surplus line law, does not apply as to life insurance or disability...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-20.htm - 1K - Match Info - Similar pages
27-11-2
Section 27-11-2 Prohibition against transaction of insurance business, etc., in state
without license; exceptions. It shall be unlawful for any insurer to transact the business
of insurance in this state or to enter into a contract for insurance in this state without
first obtaining a license or certificate of authority from the commissioner. This unauthorized
insurers law shall not apply to: (1) Contracts of insurance procured pursuant to the surplus
line insurance law; (2) Transactions in this state involving contracts of insurance lawfully
entered into, written and the policy delivered outside of this state covering subjects of
insurance not resident, located or expressly to be performed in this state at the time of
issuance and transactions subsequent to the making of such contract and the issuance of such
policy; (3) Reinsurance contracts; (4) Transactions in this state involving group or blanket
insurance and group annuities where the master policy or contract was lawfully issued...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-11-2.htm - 2K - Match Info - Similar pages
27-10-23
Section 27-10-23 Validity and enforceability of surplus line contracts. Insurance contracts
procured as "surplus line" coverages from unauthorized insurers in accordance with
this article shall be fully valid and enforceable as to all parties and shall be given acceptance
and recognition in all matters and respects to the same effect and extent as like contracts
issued by authorized insurers. (Acts 1963, No. 521, p. 1112, §10; Acts 1971, No. 407, p.
707, §198.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-23.htm - 778 bytes - Match Info - Similar pages
27-10-26
Section 27-10-26 Eligibility of insurers for placement of surplus line insurance. (a)
A surplus line broker shall not knowingly place surplus line insurance with an insurer that
is unsound financially, or that is ineligible under this section. The broker shall
ascertain the financial condition of the unauthorized insurer before placing insurance therewith.
(b) The broker shall not so insure with any of the following: (1) With any insurer which is
not an authorized insurer in at least one state of the United States for the kind of insurance
involved, and with capital or surplus, or both, amounting to at least five million dollars
($5,000,000); or guaranteed trust fund amounting to at least five million dollars ($5,000,000).
(2) With an alien insurer not authorized to transact insurance in at least one state of the
United States, unless the insurer shall have established an effective trust fund of at least
two million five hundred thousand dollars ($2,500,000) within the United States...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-26.htm - 4K - Match Info - Similar pages
27-10-27
Section 27-10-27 Evidence of surplus line insurance; changes; issuance of false certificate
and failure to notify insured of material change. (a) Upon placing a surplus line coverage,
the broker shall promptly issue and deliver to the insured evidence of the insurance, consisting
either of the policy as issued by the insurer or, if such policy is not then available, the
surplus line broker's certificate. Such a certificate shall be executed by the broker and
shall show the description and location of the subject of the insurance, coverage, conditions
and term of the insurance, the premium and rate charged and taxes collected from the insured
and the name and address of the insured and insurer. If the direct risk is assumed by more
than one insurer, the certificate shall state the name and address and proportion of the entire
direct risk assumed by each such insurer. (b) No broker shall issue any such certificate or
any cover note or purport to insure or represent that insurance will...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-27.htm - 3K - Match Info - Similar pages
27-10-29
Section 27-10-29 Records of surplus line brokers. (a) Each surplus line broker shall
keep in his office in this state a full and true record of each surplus line contract procured
by him, including a copy of the policy, certificate, cover note or other confirmation of insurance
and of the daily report, if any, and showing such of the following items as may be applicable:
(1) Amount of the insurance and risks insured against; (2) Gross premium charged; (3) Return
premium paid, if any; (4) Rate of premium charged upon the several items of property; (5)
Effective date of the contract and the terms thereof; (6) Name and address of the insurer;
(7) Name and address of the insured; (8) Brief general description of property insured and
where located; (9) Amount of tax and other sums collected from the insured; and (10) Other
information as may be required by the commissioner. (b) The record shall at all times be open
to examination by the commissioner and shall be kept available and open to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-29.htm - 1K - Match Info - Similar pages
27-10-35
Section 27-10-35 Report of, and tax on, independently procured coverages; exceptions.
(a) Anyone who may desire to place his insurance in a foreign insurer not authorized to do
business in this state may place such insurance, and any insured who in this state procures,
or causes to be procured, or continues or renews insurance in an unauthorized foreign insurer
or any self-insurer who in this state so procures or continues excess loss, catastrophe, or
other insurance, upon a subject of insurance resident, located or to be performed within this
state, other than insurance procured through a surplus line broker pursuant to the surplus
lines law of this state or exempted from such law under Section 27-10-34 shall, within
90 days after the date such insurance was so procured, continued, or renewed, file a written
report of the same with the commissioner on forms designated by the commissioner and furnished
to such an insured upon request. The report shall show the name and address of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-35.htm - 3K - Match Info - Similar pages
27-10-2
Section 27-10-2 Liability of persons violating Section 27-10-1; liability of
adjusters. (a) Any person who in this state willfully represents or aids an unauthorized insurer
in violation of Section 27-10-1 shall, in addition to any other applicable penalty,
be liable for the full amount of any loss sustained by the insured under any such contract
and for the amount of any premium taxes which may be payable under Section 27-10-35
by reason of such contract. (b) Any adjuster who, directly or indirectly, enters into an investigation
or adjustment of any loss arising under a contract of insurance or annuity issued by an unauthorized
insurer and covering at time of issuance a subject of insurance resident, located or to be
performed in this state shall be liable for the full amount of any loss suffered by the insured
under such contract. The commissioner may, after hearing, revoke the license of such an adjuster.
This subsection does not apply as to surplus lines contracts lawfully written...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-2.htm - 1K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Interstate Insurance Product
Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of
joint and cooperative action among the compacting states: 1. To promote and protect the interest
of consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
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