|
40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - 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
27-10-20
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
27-10-31
Section 27-10-31 Annual tax of surplus line brokers. (a) On or before the first day of March
each year, the surplus line broker shall remit to the State Treasurer through the commissioner,
as a tax imposed for the privilege of transacting business as a surplus line broker in this
state, a tax of six percent on the direct premiums, less return premiums and exclusive of
sums collected to cover state or federal taxes, on surplus line insurance subject to tax transacted
by the broker during the preceding calendar year as shown by the annual statement filed with
the commissioner. (b) The tax under the provisions of this section shall be subject to deduction
of the full amount of all expenses of examination of the surplus line broker by the commissioner
in the same manner as that allowed for domestic insurers for examination expenses under the
provisions of subdivision (5) of subsection (c) of Section 27-4A-3. All taxes collected under
this section shall be deposited in the State Treasury to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-31.htm - 1K - Match Info - Similar pages
27-7-4
Section 27-7-4 Licenses - Requirement; forms. (a) No person shall in this state sell, solicit,
or negotiate insurance for any class or classes of insurance unless the person is then licensed
for that line of authority in accordance with this chapter. Any insurer accepting business
directly from a person not licensed for that line of authority and not appointed by the insurer
shall be liable to a fine up to three times the premium received from the person. (b) No producer
shall act on behalf of any insurer for which an appointment is not held under this chapter.
A producer who is not acting on behalf of an insurer is not required to become appointed.
For purposes of this section, a producer who refers business to an appointed producer pursuant
to Section 27-7-34 shall not be deemed to be acting on behalf of the insurer with whom the
business is placed, regardless of whether commissions on this business are shared. (c) The
commissioner shall prescribe and furnish on request all forms...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-4.htm - 1K - Match Info - Similar pages
27-2-20
Section 27-2-20 Examinations - Power generally. (a) If he has reason to believe that any such
person has violated or is violating any provision of this title or upon complaint by any resident
of this state indicating that any such violation may exist, the commissioner may examine the
accounts, records, documents, and transactions pertaining to or affecting the insurance affairs
of any: (1) General agent, agent, broker, surplus line broker, solicitor, or adjuster; (2)
Person having a contract or power of attorney under which he enjoys in fact the exclusive
or dominant right to manage or control an insurer; or (3) Person engaged in or proposing to
be engaged in or assisting in the promotion or formation of a domestic insurer, insurance
holding corporation, or corporation to finance a domestic insurer or the production of its
business. (b) The commissioner may examine the insurance affairs and transactions of the attorney-in-fact
of a reciprocal insurer in the same manner and on the same...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-20.htm - 1K - Match Info - Similar pages
27-12-17
Section 27-12-17 Collection of premiums or charges when insurance not provided; excess premium
or charge. (a) No person shall willfully collect any sum as premium or charge for insurance
which insurance is not then provided or is not in due course to be provided, subject to acceptance
of the risk by the insurer, by an insurance policy issued by an insurer as permitted by this
title. (b) No person shall willfully collect as premium or charge for insurance any sum in
excess of the premium or charge applicable to the insurance and as specified in the policy
in accordance with the applicable classifications and rates as filed with, and approved by,
the commissioner or, in cases where classifications, premiums, or rates are not required by
this title to be so filed and approved, the premiums and charges shall not be in excess of
those specified in the policy and as fixed by the insurer. This section shall not be deemed
to prohibit the charging and collection by surplus line brokers licensed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-17.htm - 2K - Match Info - Similar pages
27-6B-2
Section 27-6B-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACCREDITED STATE.
A state in which the Department of Insurance meets the minimum financial qualifications and
regulatory standards promulgated and established, from time to time, by the National Association
of Insurance Commissioners. (2) COMMISSIONER. The Commissioner of Insurance. (3) CONTROL or
CONTROLLED. The same as defined in Section 27-29-1. (4) CONTROLLED INSURER. A licensed insurer
who is controlled, directly or indirectly, by a producer. (5) CONTROLLING PRODUCER. A producer
who, directly or indirectly, controls an insurer. (6) LICENSED INSURER or INSURER. Any person,
firm, association, or corporation duly licensed to transact a property and casualty insurance
business in this state. For the purposes of this chapter, the following are not licensed insurers:
a. A residual market pool and a joint...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6B-2.htm - 2K - Match Info - Similar pages
27-5A-2
Section 27-5A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person
who is a member in good standing of the American Academy of Actuaries. (2) COMMISSIONER. The
Alabama Commissioner of Insurance. (3) CONTROLLING PERSON. Any person, firm, association,
or corporation who directly or indirectly has the power to direct or cause to be directed,
the management, control, or activities of the reinsurance intermediary. (4) INSURER. Any person,
firm, association, or corporation duly licensed in this state pursuant to the applicable provisions
of the insurance law as an insurer. (5) LICENSED PRODUCER. An insurance producer or reinsurance
intermediary licensed pursuant to the applicable provision of the insurance law. (6) QUALIFIED
U.S. FINANCIAL INSTITUTION. An institution that: a. Is organized or, in the case of a U.S.
office of a foreign banking organization, licensed,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-2.htm - 4K - Match Info - Similar pages
27-7-5
Section 27-7-5 Licenses - Qualifications. (a) An individual applying for a resident insurance
producer license shall make application to the commissioner on the Uniform Application, and
an individual applying for a service representative license shall make application to the
commissioner on the application prescribed by the commissioner, each declaring under penalty
of refusal, suspension, or revocation of the license that the statements made in the application
are true, correct, and complete to the best of the individual's knowledge and belief. Before
approving the application, the commissioner shall find that the individual has satisfied all
of the following: (1) The individual is at least 18 years of age. (2) The individual has not
committed any act that is a ground for denial, suspension, or revocation set forth in Section
27-7-19. (3) The individual has completed a prelicensing course of study for the lines of
authority for which the person has applied, consisting of 20 classroom...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-5.htm - 6K - Match Info - Similar pages
|