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27-10-32
Section 27-10-32 Revocation or suspension of surplus line broker's license. (a) The
commissioner may revoke or suspend any surplus line broker's license for any one or more of
the following: (1) If the broker fails to file an annual statement or to remit the tax as
required by law. (2) If the broker fails to keep the records or to allow the commissioner
to examine the broker's records as required by law. (3) For any of the causes for which a
producer's license may be revoked. (b) The commissioner may suspend or revoke the broker's
license if the commissioner finds that the broker has, willfully or without exercise of due
care, placed any insurance coverage with an unauthorized insurer in violation of any of the
requirements or conditions of Section 27-10-20. (c) The procedures and rights provided
by Section 27-7-19 as for the suspension or revocation of producers' licenses shall
be applicable to suspension or revocation of a surplus line broker's license. (d) No broker
whose license...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-32.htm - 1K - Match Info - Similar pages
27-3-8
Section 27-3-8 Authority to transact insurance - Kind or combinations of kinds - Special
surplus. (a) In addition to the minimum paid-in capital stock (stock insurers) or minimum
surplus (mutual and reciprocal insurers) required by Section 27-3-7, special surplus
shall be possessed by insurers hereafter applying for original certificates of authority in
this state as follows: (1) All stock insurers and foreign mutual and foreign reciprocal insurers
which have actively transacted insurance in their states or countries of domicile as an authorized
insurer for less than five years and which do not meet the requirements of paragraphs (2)
a or (2) b of Section 27-3-4, when first authorized to transact insurance in this state
shall have a surplus or additional surplus equal to 150 percent of the paid-up capital stock,
if a stock insurer, or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise
required under Section 27-3-7 for the kinds of insurance to be transacted; and (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-8.htm - 2K - 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, ยง15;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-28.htm - 1K - Match Info - Similar pages
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
27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall
be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital
and surplus as follows: (1) In the case of a pure captive insurance company, not less than
two hundred fifty thousand dollars ($250,000) or such other amount determined by the commissioner
and actuarially supported by a feasibility study. (2) In the case of an association captive
insurance company or risk retention group, not less than five hundred thousand dollars ($500,000)
or such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-6.htm - 3K - Match Info - Similar pages
27-3-4
Section 27-3-4 Authority to transact insurance - Eligibility. To qualify for and hold
authority to transact insurance in this state, an insurer must be otherwise in compliance
with this title and with its charter powers and must be an incorporated stock insurer or an
incorporated mutual insurer or a reciprocal insurer, all of the same general type as may be
formed as a domestic insurer under this title; except that: (1) No foreign insurer shall be
authorized to transact insurance in this state which does not maintain reserves as required
by Chapter 36 of this title applicable to the kind, or kinds, of insurance transacted by such
insurer, wherever transacted in the United States, or which transacts insurance in the United
States on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar
plan; (2) Any foreign insurer which has transacted insurance as an authorized insurer in its
state or country of domicile for less than five years shall not be authorized...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-4.htm - 3K - Match Info - Similar pages
27-31-6
Section 27-31-6 Surplus funds of domestic insurer. (a) A domestic reciprocal insurer
formed under this chapter, if it has otherwise complied with the applicable provisions of
this title, may be authorized to transact insurance if it has, and thereafter maintains, surplus
funds as follows: (1) To transact property insurance, surplus funds of not less than $200,000.00;
and (2) To transact casualty insurance, surplus funds of not less than $300,000.00. (b) In
addition to surplus required to be maintained under subsection (a) of this section,
the insurer shall have, when first so authorized, expendable surplus in amount as required
of a like foreign reciprocal insurer under Section 27-3-8. (c) A domestic reciprocal
insurer may be authorized to transact additional kinds of insurance if it has otherwise complied
with the provisions of this title therefor and possesses and so maintains surplus funds in
amount equal to the minimum capital stock required of a stock insurer for authority to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-6.htm - 1K - Match Info - Similar pages
27-31A-12
Section 27-31A-12 Duty of producers to obtain license. (a) Risk retention groups. Persons
representing or aiding a risk retention group in the solicitation or negotiation of liability
insurance in this state and the risk retention group with respect thereto shall be subject
to Chapters 7 and 8A of this title. (b) Purchasing groups. (1) No person, firm, association,
or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability
insurance in this state for a purchasing group from an authorized insurer or a risk retention
group chartered in a state unless the person, firm, association, or corporation is licensed
as an insurance producer in accordance with Chapter 7, commencing with Section 27-7-1,
of this title. (2) No person, firm, association, or corporation shall act or aid in any manner
in soliciting, negotiating, or procuring liability insurance coverage in this state for any
member of a purchasing group under a purchasing group's policy unless that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-12.htm - 2K - 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
27-2-20
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
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