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...
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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
27-10-55
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
27-10-21
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
27-10-25
Section 27-10-25 Acceptance and placement of surplus line business from agents or brokers. A licensed surplus line broker may accept and place surplus line business for any insurance producer licensed in this state for the kind and class of insurance involved and may compensate the producer therefor. No producer shall knowingly misrepresent to the broker any material fact involved in any insurance or in the eligibility thereof for placement with an unauthorized insurer. (Acts 1963, No. 521, p. 1112, §12; Acts 1971, No. 407, p. 707, §200; Act 2001-702, p. 1509, §15.)...
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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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-24.htm - 5K - 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
27-10-3
Section 27-10-3 Actions by unauthorized insurers not allowed; exceptions. (a) No unauthorized insurer shall institute or file, or cause to be instituted or filed, any action or proceeding in this state to enforce any right, claim, or demand arising out of any insurance transaction in this state until such insurer has obtained a certificate of authority to transact such insurance in this state. (b) This section does not apply as to: (1) Transactions for which a certificate of authority is not required; (2) Surplus line coverages written under this chapter; or (3) Coverages exempted from the surplus line law under Section 27-10-34. (Acts 1963, No. 521, p. 1112, §6; Acts 1971, No. 407, p. 707, §193.)...
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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...
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