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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...
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27-10-26
Section 27-10-26 Eligibility of insurers for placement of surplus line insurance. (a)
A surplus line broker shall not knowingly place surplus line insurance with an insurer that
is unsound financially, or that is ineligible under this section. The broker shall
ascertain the financial condition of the unauthorized insurer before placing insurance therewith.
(b) The broker shall not so insure with any of the following: (1) With any insurer which is
not an authorized insurer in at least one state of the United States for the kind of insurance
involved, and with capital or surplus, or both, amounting to at least five million dollars
($5,000,000); or guaranteed trust fund amounting to at least five million dollars ($5,000,000).
(2) With an alien insurer not authorized to transact insurance in at least one state of the
United States, unless the insurer shall have established an effective trust fund of at least
two million five hundred thousand dollars ($2,500,000) within the United States...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-26.htm - 4K - Match Info - Similar pages
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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27-10-35
Section 27-10-35 Report of, and tax on, independently procured coverages; exceptions.
(a) Anyone who may desire to place his insurance in a foreign insurer not authorized to do
business in this state may place such insurance, and any insured who in this state procures,
or causes to be procured, or continues or renews insurance in an unauthorized foreign insurer
or any self-insurer who in this state so procures or continues excess loss, catastrophe, or
other insurance, upon a subject of insurance resident, located or to be performed within this
state, other than insurance procured through a surplus line broker pursuant to the surplus
lines law of this state or exempted from such law under Section 27-10-34 shall, within
90 days after the date such insurance was so procured, continued, or renewed, file a written
report of the same with the commissioner on forms designated by the commissioner and furnished
to such an insured upon request. The report shall show the name and address of the...
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27-10-29
Section 27-10-29 Records of surplus line brokers. (a) Each surplus line broker shall
keep in his office in this state a full and true record of each surplus line contract procured
by him, including a copy of the policy, certificate, cover note or other confirmation of insurance
and of the daily report, if any, and showing such of the following items as may be applicable:
(1) Amount of the insurance and risks insured against; (2) Gross premium charged; (3) Return
premium paid, if any; (4) Rate of premium charged upon the several items of property; (5)
Effective date of the contract and the terms thereof; (6) Name and address of the insurer;
(7) Name and address of the insured; (8) Brief general description of property insured and
where located; (9) Amount of tax and other sums collected from the insured; and (10) Other
information as may be required by the commissioner. (b) The record shall at all times be open
to examination by the commissioner and shall be kept available and open to...
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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...
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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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27-12-14
Section 27-12-14 Inducements as to property, casualty, or surety insurance. (a) No property,
casualty, or surety insurer, or any employee thereof, and no broker, agent, or solicitor shall
pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as an inducement
to insurance or after insurance has been effected, any rebate, discount, abatement, credit,
or reduction of the premium named in a policy of insurance, or any special favor or advantage
in the dividends or other benefits to accrue thereon or any valuable consideration or inducement
whatever not specified in the policy except to the extent provided for in rating systems filed
with the commissioner by, or on behalf of, the insurer and approved by the commissioner. (b)
No insured named in a policy nor any employee of such insured shall knowingly receive or accept,
directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium.
(c) Nothing in this section shall be construed as...
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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....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4-2.htm - 4K - Match Info - Similar pages
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends
and other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
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