35-8A-313
Section 35-8A-313 Insurance. (a) Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the common elements insuring against all risks of direct physical loss commonly insured against or, in the case of a conversion building, against fire and extended coverage perils. The total amount of insurance after application of any deductibles shall be not less than the greater of 80 percent of the actual cash value of the insured property at the time the insurance is purchased or such greater percentage of such actual cash value as may be necessary to prevent the applicability of any co-insurance provision and at each renewal date, exclusive of land, excavations, foundations, and other items normally excluded from property policies; and (2) Liability insurance, including medical payments insurance, in an amount determined by the board but not less than...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-8A-313.htm - 6K - 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
27-10-20
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
27-10-28
Section 27-10-28 Liability of insurer as to losses and unearned premiums. (a) As to a surplus line risk which has been assumed by an unauthorized insurer pursuant to this surplus line insurance law and if the premium thereon has been received by the surplus line broker who placed such insurance, in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received the premium due to it for such coverage and the insurer shall be liable to the insured as to losses covered by such insurance and for unearned premiums which may become payable to the insured upon cancellation of such insurance, whether or not in fact the broker is indebted to the insurer with respect to such insurance or for any other cause. (b) Each unauthorized insurer assuming a surplus line direct risk under this surplus line insurance law shall be deemed thereby to have subjected itself to the terms of this section. (Acts 1963, No. 521, p. 1112, §15;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-28.htm - 1K - Match Info - Similar pages
27-22-43
Section 27-22-43 Outline of coverage and comprehensive policy checklist. (a) No homeowners personal lines residential property coverage insurance policy shall be delivered or issued for delivery in this state unless an appropriate outline of coverage and comprehensive policy checklist have been delivered to the policyholder prior to issuance, within 30 days after issuance of the policy under separate cover, or included in the policy when issued or mailed. The comprehensive policy checklist shall contain a list of provisions and elements, whether or not they are included in the policy being issued, in a format that allows the insurer to indicate what is and what is not included in the policy being issued. The outline of coverage and comprehensive checklist shall provide information on the policy and may, but is not required to, include coverage by endorsement. (b) To be in compliance with this section, an insurer may use an approved outline of coverage and comprehensive policy...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-22-43.htm - 4K - Match Info - Similar pages
27-10-21
Section 27-10-21 Report of surplus line broker. Within 30 days after the effective date of any such insurance, the surplus line broker shall file a written report with the commissioner setting forth facts from which it can be determined whether under Section 27-10-20 the coverage has been lawfully placed as a surplus line. If so required by the commissioner, the report shall be in the form of the broker's affidavit. If so required by the commissioner, the report shall be accompanied by a written statement signed by the insured to the effect that the coverage was placed in an unauthorized insurer with the insured's knowledge and consent. (Acts 1963, No. 521, p. 1112, §8; Acts 1971, No. 407, p. 707, §196.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-21.htm - 1K - Match Info - Similar pages
27-10-55
Section 27-10-55 Exemptions. This Unauthorized Insurers Process Act shall not apply as to surplus line insurance lawfully effectuated under this title nor to any action or proceeding against an unauthorized insurer arising out of: (1) Wet marine and transportation insurance; (2) Insurance on, or with respect to, subjects located, resident or to be performed wholly outside this state or on, or with respect to, vehicles or aircraft owned and principally garaged outside this state; (3) Insurance on property or operations of railroads engaged in interstate commerce; or (4) Insurance on aircraft or cargo of such aircraft or against liability, other than employer's liability, arising out of the ownership, maintenance, or use of such aircraft where the policy or contract contains a provision designating the commissioner as its attorney for the acceptance of service of lawful process in any action or proceeding instituted by, or on behalf of, an insured or beneficiary arising out of any such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-55.htm - 1K - Match Info - Similar pages
27-10-24
Section 27-10-24 Licensing of surplus line brokers. (a) Any person, while licensed as a resident insurance producer in this state for the property lines of authority and who is deemed by the commissioner to have had sufficient experience in the insurance business to be competent for the purpose may be licensed as a surplus line broker for the types and kinds of insurance that he or she as a resident producer is licensed to handle as follows: (1) Application to the commissioner for the license shall be made on forms as designated and furnished by the commissioner. (2) License fee in the amount stated in Section 27-4-2 shall be paid to the commissioner. The license shall expire on December 31 next after its issue. (3) Prior to the issuance of the license, the applicant shall file with the commissioner, and thereafter for as long as any license remains in effect he or she shall keep in force and unimpaired, a bond in favor of the State of Alabama in the penal sum of at least fifty...
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27-10-33
Section 27-10-33 Service of process in action or proceeding against insurer. (a) Any unauthorized insurer issuing a policy or assuming a direct insurance risk under this surplus line law shall be deemed thereby to have appointed the commissioner as its attorney upon whom may be served all lawful process in any action or proceeding against it in this state arising out of such insurance. (b) Service of process upon the commissioner as process agent of the insurer shall be made by the proper officer of Montgomery County by serving copies in triplicate of the process upon the commissioner or upon his assistant, deputy, or other person in charge of his office. Upon receiving such service, the commissioner shall promptly forward a copy thereof by certified mail or registered mail to the person last designated to receive the same, as provided in subsection (c) of this section, return one copy with his admission of service, and retain one copy in the files of the department. (c) Each such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-33.htm - 2K - Match Info - Similar pages
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