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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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27-4-2
Section 27-4-2 Advance fees, licenses, and miscellaneous charges. (a) The Commissioner
of Insurance shall collect in advance fees, licenses, and miscellaneous charges as follows:
(1) Certificate of authority: a. Initial application for original certificate of authority,
including the filing with the commissioner of all documents incidental thereto ..... $500
b. Issuance of original certificate of authority ..... 500 c. Annual continuation or renewal
fee ..... 500 d. Reinstatement fee ..... 500 (2) Charter documents, filing with the commissioner
amendment to articles of incorporation or of association, or of other charter documents or
to bylaws ..... 25 (3) Solicitation permit, filing application and issuance ..... 250 (4)
Annual statement of insurer, except when filed as part of application for original certificate
of authority, filing ..... 25 (5) Producer license (resident or nonresident): a. Individuals:
1. Application fee (For filing of initial application for license) ..... 30 2....
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27-7-28
Section 27-7-28 Nonresident agents or brokers - License generally. (a) Unless denied
licensure pursuant to Section 27-7-19, a nonresident person shall receive a nonresident
producer license if all of the following are satisfied: (1) The person has submitted or transmitted
to the commissioner a copy of the application for licensure that the person submitted to his
or her home state or, in lieu of the same, a completed Uniform Application. (2) The person
has submitted the proper request for licensure and has paid the fees required under Section
27-4-2. (3) The person's home state awards nonresident producer licenses to residents of this
state on the same basis. (4) The person is currently licensed as a resident producer and is
in good standing in the state of his or her residence. (b) The commissioner may verify the
producer's licensing status through the database maintained by the NAIC, its affiliates or
subsidiaries. (c) A nonresident producer who moves from one state to another state...
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27-7-29
Section 27-7-29 Nonresident agents or brokers - Service of process. (a) Each licensed
nonresident producer shall be considered to have performed acts equivalent to and constituting
an appointment of the commissioner as his or her attorney to receive service of legal process
issued against the nonresident producer in this state upon causes of action arising within
this state out of transactions under the nonresident producer's license. Service upon the
commissioner as such attorney shall constitute effective legal service upon the nonresident
producer. (b) The appointment shall be irrevocable for as long as there may be any such cause
of action in this state against the nonresident producer. (c) Service of process under this
section shall be made by leaving three copies of the summons and complaint, or other
process, with the commissioner, along with payment of the fee prescribed in Section
27-4-2, and the service shall be sufficient service upon the nonresident if notice of the
service...
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27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY.
A corporation, association, partnership, limited liability company, limited liability partnership,
or other legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE.
The District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section
27-1-2. (5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section
27-1-2. For the purposes of this chapter, insurer shall also mean an insurance company licensed
pursuant to Chapter 3, commencing with Section 27-3-1 of this title; a health...
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34-27-32
Section 34-27-32 Requirements for license; application; place of business; branch offices;
multiple brokers; fees. (a) A license for a broker or a salesperson shall be registered to
a specific real estate office and shall be issued only to, and held only by, a person who
meets all of the following requirements: (1) Is trustworthy and competent to transact the
business of a broker or salesperson in a manner that safeguards the interest of the public.
(2) Is a person whose application for real estate licensure has not been rejected in any state
on any grounds other than failure to pass a written examination within the two years prior
to the application for real estate licensure with Alabama. If the applicant's rejection for
real estate licensure in any state is more than two years from the date of application for
licensure with Alabama, then the applicant may not be issued an Alabama real estate license
without the approval of the commissioners. (3) Is a person whose real estate license...
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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...
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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...
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27-5A-3
Section 27-5A-3 Licensure. (a) No person, firm, association, or corporation shall act
as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker
maintains an office either directly, or as a member or employee of a firm or association,
or an officer, director, or employee of a corporation: (1) In this state, unless the reinsurance
intermediary-broker is a licensed producer in this state. (2) In another state, unless the
reinsurance intermediary-broker is a licensed producer in this state or another state having
a law substantially similar to this law or the reinsurance intermediary-broker is licensed
in this state as a nonresident reinsurance intermediary. (b) No person, firm, association,
or corporation shall act as a reinsurance intermediary-manager: (1) For a reinsurer domiciled
in this state, unless the reinsurance intermediary-manager is a licensed producer in this
state. (2) In this state, if the reinsurance intermediary-manager maintains an office...
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