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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
27-60-2
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
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
27-10-20
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
27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions;
validity of contracts. (a) No person shall in this state, directly or indirectly, act as agent
for, or otherwise represent or aid on behalf of another, any insurer not then authorized to
transact such insurance in this state in the solicitation, negotiation, or effectuation of
insurance or annuity contracts, forwarding of applications, delivery of policies or contracts,
inspection of risks, fixing of rates, investigation or adjustment of losses, collection of
premiums, or in any other manner in the transaction of insurance with respect to subjects
of insurance resident, located or to be performed in this state. (b) This section shall
not apply to: (1) Acceptance of service of process by the commissioner under Section
27-10-52; (2) Surplus lines insurance or coverage specified in Section 27-10-34 and
other transactions as to which a certificate of authority is not required of an insurer; (3)
Adjustment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-1.htm - 2K - Match Info - Similar pages
27-6B-4
Section 27-6B-4 Contract requirements. (a) Unless there is a written contract between
the controlling producer and the insurer approved by the board of directors of the insurer
and specifying the responsibilities of each party, a controlled insurer shall not accept business
from a controlling producer and a controlling producer shall not place business with a controlled
insurer. The contract between a controlling producer and a controlled insurer shall, as a
minimum, contain all of the following: (1) A provision that, upon written notice to the controlling
producer, the controlled insurer may terminate the contract for cause. The controlled insurer
shall suspend the authority of the controlling producer to write business during any pending
dispute regarding the cause for the termination. (2) A provision requiring the controlling
producer to give a detailed accounting to the controlled insurer on any material transaction,
including information necessary to support all commissions,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6B-4.htm - 7K - 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
44-2-10
Section 44-2-10 Text of compact. The Interstate Compact for Juveniles is enacted into
law and entered into with all jurisdictions mutually adopting the compact in the form substantially
as follows: THE INTERSTATE COMPACT FOR JUVENILES Article I. Purpose. The compacting states
to this interstate compact recognize that each state is responsible for the proper supervision
or return of juveniles, delinquents and status offenders who are on probation or parole and
who have absconded, escaped or run away from supervision and control and in so doing have
endangered their own safety and the safety of others. The compacting states also recognize
that each state is responsible for the safe return of juveniles who have run away from home
and in doing so have left their state of residence. The compacting states also recognize that
Congress, by enacting the Crime Control Act, 4 U.S.C. Section 112 (1965), has authorized
and encouraged compacts for cooperative efforts and mutual assistance in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/44-2-10.htm - 39K - Match Info - Similar pages
27-10-34
Section 27-10-34 Exemptions from surplus line insurance law. The provisions of this
surplus line insurance law controlling the placing of insurance with unauthorized insurers
shall not apply to reinsurance or to the following insurances when so placed by licensed agents
or brokers of this state: (1) Wet marine and transportation insurance; (2) Insurance on subjects
located, resident or to be performed wholly outside of this state or on vehicles or aircraft
owned and principally garaged outside this state; (3) Insurance on property or operation of
railroads engaged in interstate commerce; (4) Insurance of aircraft owned or operated by manufacturers
of aircraft or aircraft operated in scheduled interstate flight, or cargo of such aircraft
or against liability, other than workmen's compensation and the employer's liability, arising
out of the ownership, maintenance, or use of such aircraft; and (5) The property and operations
of the shipbuilding and ship repair industry engaged in...
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