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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
27-10-28
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, §15;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-28.htm - 1K - Match Info - Similar pages
27-10-25
Section 27-10-25 Acceptance and placement of surplus line business from agents or brokers.
A licensed surplus line broker may accept and place surplus line business for any insurance
producer licensed in this state for the kind and class of insurance involved and may compensate
the producer therefor. No producer shall knowingly misrepresent to the broker any material
fact involved in any insurance or in the eligibility thereof for placement with an unauthorized
insurer. (Acts 1963, No. 521, p. 1112, §12; Acts 1971, No. 407, p. 707, §200; Act 2001-702,
p. 1509, §15.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-25.htm - 889 bytes - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-12.htm - 1K - Match Info - Similar pages
27-10-55
Section 27-10-55 Exemptions. This Unauthorized Insurers Process Act shall not apply as to surplus
line insurance lawfully effectuated under this title nor to any action or proceeding against
an unauthorized insurer arising out of: (1) Wet marine and transportation insurance; (2) Insurance
on, or with respect to, subjects located, resident or to be performed wholly outside this
state or on, or with respect to, vehicles or aircraft owned and principally garaged outside
this state; (3) Insurance on property or operations of railroads engaged in interstate commerce;
or (4) Insurance on aircraft or cargo of such aircraft or against liability, other than employer's
liability, arising out of the ownership, maintenance, or use of such aircraft where the policy
or contract contains a provision designating the commissioner as its attorney for the acceptance
of service of lawful process in any action or proceeding instituted by, or on behalf of, an
insured or beneficiary arising out of any such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-55.htm - 1K - Match Info - Similar pages
27-31A-2
Section 27-31A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) COMMISSIONER.
The Insurance Commissioner of this state or the commissioner, director, or superintendent
of insurance in any other state. (2) COMPLETED OPERATIONS LIABILITY. Liability arising out
of the installation, maintenance, or repair of any product at a site which is not owned or
controlled by either of the following: a. Any person who performs that work. b. Any person
who hires an independent contractor to perform that work, but shall include liability for
activities which are completed or abandoned before the date of the occurrence giving rise
to the liability. (3) DOMICILE. For purposes of determining the state in which a purchasing
group is domiciled: a. For a corporation, the state in which the purchasing group is incorporated.
b. For an unincorporated entity, the state of its principal place of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-2.htm - 8K - Match Info - Similar pages
27-2-21
Section 27-2-21 Examinations - Affairs, etc., of insurers and surplus line brokers. (a) For
the purpose of determining its financial condition, ability to fulfill its obligations and
compliance with the law, the commissioner shall examine the affairs, transactions, accounts,
records, and assets of each authorized insurer, and the records of surplus line brokers restricted
to those matters under Section 27-10-29, including the attorney-in-fact of a reciprocal insurer
insofar as insurer transactions are involved as often as the commissioner deems appropriate
but shall, at a minimum, conduct an examination of every insurer licensed in this state not
less frequently than once every five years. In scheduling and determining the nature, scope,
and frequency of the examinations, the commissioner shall consider such matters as the results
of financial statement analyses and ratios, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-21.htm - 3K - Match Info - Similar pages
10A-20-6.14
Section 10A-20-6.14 Filing of annual statements. (a) On or before the first day of March of
each year, every company transacting business under this article in this state shall file
with the Commissioner of Insurance a statement showing the amount of gross dues received by
it for business done in this state during the preceding calendar year ending December 31 and
the number of contracts or certificates outstanding. (b) The corporation shall, annually,
on or before the first day of March, file in the Office of the Commissioner of Insurance a
statement, verified by at least two of the principal officers of the corporation, showing
its condition on December 31 next preceding, which shall be in the form, and shall contain
the matters, as the Commissioner of Insurance shall prescribe. Every corporation shall set
up as the liability for unperformed contracts or unearned dues on all outstanding certificates
95 percent of the unearned net dues or charges collected on the contracts computed on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.14.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
27-31A-9
Section 27-31A-9 Restrictions on insurance purchased by purchasing groups. (a) A purchasing
group may not purchase insurance from a risk retention group that is not chartered in a state
or from an insurer not admitted in the state in which the purchasing group is located, unless
the purchase is effected through a licensed agent or broker acting pursuant to the surplus
lines laws and regulations of the state. (b) A purchasing group which obtains casualty insurance
from an insurer not admitted in this state, or a risk retention group, shall inform each of
the members of the group which have a risk resident or located in this state that the risk
is not protected by an insurance insolvency guaranty fund in this state, and that the risk
retention group or that insurer may not be subject to all insurance laws and regulations of
this state. (c) No purchasing group may purchase insurance providing for a deductible or self-insured
retention applicable to the group as a whole. Coverage may...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-9.htm - 1K - Match Info - Similar pages
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