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27-40-12
Section 27-40-12 Return of gross unearned premiums upon cancellation of contract. (a)
Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross
unearned premiums are due under the insurance contract to the premium finance company, either
directly or via the agent or surplus lines broker placing the insurance, for the account of
the insured or insureds as soon as reasonably possible, but in any event no later than 30
days after the effective date of cancellation. (b) In the event that the crediting of return
premiums to the account of the insured results in a surplus over the amount due from the insured,
the premium finance company shall refund the excess to the insured or the agent or surplus
lines broker, within 30 days after receipt by the premium finance company with the check or
draft made payable to the agent or surplus lines broker and to the insured, provided that
no refund shall be required if it amounts to less than one dollar ($1). (Acts...
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27-7-2
Section 27-7-2 Applicability of chapter. (a) This chapter governs the qualifications
and procedures for the licensing of insurance producers and service representatives. It simplifies
and organizes some statutory language to improve efficiency, permits the use of new technology,
and reduces costs associated with issuing and renewing insurance licenses. (b) This chapter
does not apply to surplus line brokers licensed pursuant to Section 27-10-24, except
as provided in Section 27-7-28. (c) This chapter does not apply to title insurance.
(Acts 1957, No. 530, p. 726, § 1; Acts 1971, No. 407, p. 707, § 113; Acts 1988, No. 88-123,
p. 159, § 1; Act 2001-702, p. 1509, § 1.)...
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27-3-6.1
Section 27-3-6.1 Authority to transact insurance - Kind or combinations of kinds - Closing
or settlement protection. (a) Notwithstanding the provisions of subdivision (3) of Section
27-3-6, a title insurer may issue closing or settlement protection to a person who is a party
to a transaction in which a title insurance policy will be issued. (b) The form of closing
or settlement protection shall be submitted to and approved by the commissioner. (c) The closing
or settlement protection may indemnify a person only against loss of closing or settlement
funds because of one of the following acts of a settlement agent, such as a title insurance
agent or other settlement service provider which has been approved by the title insurer for
such protection, under the terms and conditions of the closing protection as approved by the
commissioner: (1) Theft or misappropriation of settlement funds in connection with a transaction
in which a title insurance policy or title insurance policies will be...
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27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer
shall not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of
its United States insurance obligations, which assets shall be in amount not less than the
outstanding liabilities of the insurer arising out of its insurance transactions in the United
States together with the greater of the following sums: (1) The largest deposit required by
Section 27-3-11 to be made by foreign insurers transacting like kinds of insurance;
or (2) $300,000.00. (b) Of the amount deposited by an alien insurer, an amount not less than
that required under subdivisions (a)(1) or (a)(2) of this section shall be deposited
and maintained on deposit in cash or securities eligible for deposit under Section
27-6-3 with the...
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27-3-13
Section 27-3-13 Deposit requirements - Special deposit - Title insurers. (a) For authority
to transact such insurance in this state, a foreign title insurer shall have and maintain
on deposit in this state for the better protection of its guaranty holders and creditors,
resident in this state, under its contracts of title insurance, cash and securities eligible
under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit
shall be so made and maintained in trust with a bank or trust company located in this state,
approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b)
At its option, a domestic title insurer may maintain a deposit in like manner, amount, character
and for like purposes as required for foreign insurers under subsection (a) of this section.
(c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
(Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, §58.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-13.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
27-41-6
Section 27-41-6 Limitations upon investments generally. (a) An insurer shall not have
at any one time any single investment or combination of investments in or loans upon the security
of the obligations, property, or securities of any one person aggregating in cost to the insurer
in excess of the greater of 10 percent of such insurer's assets or the total of its capital
and surplus, as shown in the latest annual report of the insurer filed pursuant to subsection
(a) of Section 27-3-26 of the Alabama Insurance Code, less the minimum capital and
surplus required of said insurer for authority to transact insurance by Sections 27-3-7 and
27-3-8 of the Alabama Insurance Code. The restriction of this subsection shall not apply to
evidences of indebtedness issued, assumed, or guaranteed by the United States of America or
any department, agency, or instrumentality thereof or by any state of the United States. (b)
An insurer shall at all times invest and maintain invested funds in cash and...
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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
27-29A-6
Section 27-29A-6 Exemption. (a) An insurer shall be exempt from the requirements of
this chapter, if it meets both of the following: (1) The insurer has annual direct written
and unaffiliated assumed premium, including international direct and assumed premium but excluding
premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program,
less than five hundred million dollars ($500,000,000). (2) The insurance group of which the
insurer is a member has annual direct written and unaffiliated assumed premium including international
direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance
Corporation and Federal Flood Program, less than one billion dollars ($1,000,000,000). (b)
If an insurer qualifies for exemption pursuant to subdivision (1) of subsection (a), but the
insurance group of which the insurer is a member does not qualify for exemption pursuant to
subdivision (2) of subsection (a), then the ORSA Summary Report that may...
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27-31-25
Section 27-31-25 Nonassessable policies. (a) If a reciprocal insurer has a surplus of
assets over all liabilities at least equal to the minimum capital stock required of a domestic
stock insurer authorized to transact like kinds of insurance, upon application of the attorney
and as approved by the subscribers' advisory committee, the commissioner shall issue his certificate
authorizing the insurer to extinguish the contingent liability of subscribers under its policies
then in force in this state and to omit provisions imposing contingent liability in all policies
delivered, or issued for delivery, in this state for so long as all such surplus remains unimpaired.
(b) Upon impairment of such surplus, the commissioner shall forthwith revoke the certificate.
Such revocation shall not render subject to contingent liability any policy then in force
and for the remainder of the period for which the premium has theretofore been paid; but after
such revocation, no policy shall be issued or...
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