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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27-10-30
Section 27-10-30 Annual statement of surplus line broker. (a) Each surplus line broker shall, on or before the first day of March of each year, file with the commissioner a verified statement of all surplus line insurance transacted by him during the preceding calendar year. (b) The statement shall be on forms as prescribed and furnished by the commissioner and shall show: (1) Gross amount of each kind of insurance transacted; (2) Aggregate gross premiums charged, exclusive of sums collected to cover state or federal taxes; (3) Aggregate of returned premiums and taxes paid to insureds; (4) Aggregate of net premiums; and (5) Additional information as required by the commissioner. (Acts 1963, No. 521, p. 1112, §17; Acts 1971, No. 407, p. 707, §205.)...
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34-7B-10
Section 34-7B-10 Suspension or revocation of license or permit; penalties. (a) The board may suspend or revoke a license or permit based on the provisions of this chapter or board rules, subject to due process of law as described in the Alabama Administrative Procedure Act. The board shall furnish all applicants who are denied licensure a reason for the denial. (b)(1) The board, for any of the following reasons, may revoke or suspend the license or permit of any applicant, licensee, or holder who: a. Is found guilty of fraud or dishonest conduct in taking an examination. b. Has been convicted of a felony or gross immorality, or is guilty of grossly unprofessional or dishonest conduct. c. Is addicted to the excessive use of intoxicating liquor or to the use of drugs to an extent that he or she is rendered unfit to practice any profession regulated by the board. d. Advertises by means of knowingly false or deceptive statements. e. Has practiced fraud or deceit in obtaining or attempting...
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11-65-21
Section 11-65-21 Suspension or revocation of license. A commission may suspend or revoke any license or fine the holder thereof not to exceed $5,000.00 after hearing with 15 days' notice in any case where it has reason to believe that any regulation of the commission has not been complied with or has been violated. Annually, each commission shall review the performance of each licensee for compliance with the provisions of this chapter and the rules and regulations of such commission. Deliberations of a commission under this section may be conducted in executive session, unless otherwise requested by the licensee. If any such license is suspended or revoked, the commission shall state its reason for doing so, which shall be entered of record. Such action shall be final unless appealed in accordance with the provisions of this chapter. (Acts 1984, No. 84-131, p. 159, §21.)...
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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...
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34-25B-18
Section 34-25B-18 Suspension, revocation, etc., of license; penalties. (a) The board may suspend, revoke, or refuse to issue or renew any license issued by it upon finding that the holder or applicant has committed any of the following acts: (1) A violation of this chapter or any rule promulgated pursuant to this chapter. (2) Fraud, deceit, or misrepresentation regarding an application or license. (3) Knowingly and willfully making a material misstatement in connection with an application for a license or renewal. (4) A conviction by a court of competent jurisdiction of a felony. (5) A conviction by a court of competent jurisdiction of a Class A misdemeanor, if the board finds that the conviction reflects unfavorably on the fitness of the person for the license. (6) The commission of any act which would have been cause for refusal to issue the license or identification card had it existed and been known to the board at the time of issuance. (b) In addition to, or in lieu of, any other...
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15-13-215
Section 15-13-215 Suspension, revocation, etc., of license; renewal of suspended license. (a) The board may suspend, revoke, or refuse to issue or renew any license issued by it upon finding that the holder or applicant has committed any of the following acts: (1) A violation of this article or any rule adopted pursuant to this article. (2) Fraud, deceit, or misrepresentation regarding an application or license. (3) Knowingly and willfully making a material misstatement in connection with an application for a license or renewal. (4) A conviction by a court of competent jurisdiction of a felony. (5) A conviction by a court of competent jurisdiction of a Class A misdemeanor, if the board finds that the conviction reflects unfavorably on the fitness of the individual for the license. (6) The commission of any act which would have been cause for refusal to issue the license or identification card had it existed and been known to the board at the time of issuance. (b) A license may be...
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27-10-22
Section 27-10-22 Endorsement of surplus line contract. Every insurance contract procured and delivered as a surplus line coverage pursuant to this article shall be initialed by, or bear the name and license number of, the surplus line broker who procured it and shall have stamped upon it the following: "This contract is registered and delivered as a surplus line coverage under the Alabama Surplus Line Insurance Law." (Acts 1963, No. 521, p. 1112, §9; Acts 1971, No. 407, p. 707, §197.)...
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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...
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27-30-11
Section 27-30-11 Certificate of authority - Suspension or revocation - Grounds. (a) The commissioner shall suspend or revoke the certificate of authority of a mutual aid association if he finds, upon examination or other evidence, that any one or more of the following grounds exist: (1) For any cause for which he could have refused to issue the certificate of authority under this chapter had it then existed and been known to the commissioner; (2) If the association is in unsound condition or is in such condition or is using such methods and practices in the conduct of its business as to render its further transactions of insurance in this state hazardous to its members, policyholders, dependents, beneficiaries, or to the public; (3) If the association has refused to be examined or to produce its accounts, records, and files for examination or if any of its officers or agents have refused to perform any legal obligation relative thereto or have willfully refused to give information with...
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