27-13-36
Section 27-13-36 Examination of business, etc., of rating organizations and insurers making
own rates. The commissioner may, whenever he deems it expedient, but at least once in every
five years, make, or cause to be made, an examination of the business, affairs, and method
of operation of every rating organization doing business in this state and a like examination
of an insurer making its own rates. The cost of such examination shall be fixed in the same
manner as provided for in this title and shall be paid by the rating organization or insurer
making its own rates being examined. The commissioner may, in his discretion, waive such examination
upon proof that such rating organization has, within a reasonably recent period, been examined
by a public official or department of another state pursuant to the laws of such state and
upon the filing with the department of a certified copy of the report of such examination.
The officers, managers, agents, and employees of such rating...
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27-13-74
Section 27-13-74 Examination of business, etc., of rating organizations and insurers making
own rates. The commissioner may, whenever he deems it expedient, but at least once in every
five years, make, or cause to be made, an examination of the business, affairs, and method
of operation of each rating organization doing business in this state and a like examination
of each insurer making its own rates. The costs of such examination shall be fixed in the
same manner as provided for in Section 27-2-25 and shall be paid by the rating organization
or insurer making its own rates examined. The commissioner may, in his discretion, waive such
examination upon proof that such rating organization has, within a reasonably recent period,
been examined by a public official or department of another state, pursuant to the laws of
such state, and upon the filing with the department of a certified copy of the report of such
examination. The officers, managers, agents, and employees of such rating...
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27-13-40
Section 27-13-40 Suspension of license or certificate of authority. Any rating organization
which violates any provisions of this article shall be subject to suspension of its license,
and any insurer making its own rates which violates any provision of this article shall be
subject to suspension of its certificate of authority to do business in this state. Failure
of a rating organization, or insurer making its own rates, to comply with the provisions of
any order of the commissioner within 30 days after such order, or any extension thereof as
the commissioner may, in his discretion, grant shall automatically suspend the license of
such rating organization or insurer. (Acts 1945, No. 132, p. 133, §20; Acts 1971, No. 407,
p. 707, §277.)...
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27-13-78
Section 27-13-78 Suspension of license or certificate of authority. Any rating organization
which violates any provision of this article shall be subject to suspension of its license,
and any insurer making its own rates which violates any provisions of this article shall be
subject to suspension of its certificate of authority to do business in this state. Failure
of a rating organization or an insurer making its own rates to comply with the provisions
of any order of the commissioner within 30 days after such order, or any extension thereof,
as the commissioner may, in his discretion, grant shall automatically suspend the license
of such rating organization or insurer. (Acts 1945, No. 133, p. 145, §19; Acts 1971, No.
407, p. 707, §302.)...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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27-13-32
Section 27-13-32 Hearings on applications to reduce rates. Every rating organization, and every
insurer which does its own rate-making, shall provide reasonable means within this state,
to be approved by the department, whereby any person, or persons, affected by rate made by
it may be heard on an application to reduce such rate. If such rating organization or such
insurer shall refuse to reduce such rate, the person or persons affected thereby may make
a like application to the commissioner within 30 days after receipt of notice in writing that
the application for reduction of rate has been denied by such rating organization or by such
insurer. If, upon the expiration of 20 days after application for the reduction of a rate,
such rating organization or such insurer fails to grant or reject the application, the person,
or persons, affected may make the application to the commissioner in the same manner as if
the application had been rejected by such rating organization or by such...
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27-13-71
Section 27-13-71 Hearings on applications to reduce rates. Every rating organization and every
insurer which does its own rate-making shall provide reasonable means within this state, to
be approved by the department, whereby any person, or persons, affected by a rate made by
it may be heard on a written application to reduce such rate. If such rating organization
or such insurer shall refuse to reduce such rate, the person, or persons, affected thereby
may make a like application to the commissioner within 30 days after receipt of notice in
writing that the application for reduction of rate has been denied by such rating organization
or by such insurer. If, upon the expiration of 20 days after application for the reduction
of a rate, such rating organization or such insurer fails to grant or reject the application,
the person, or persons, affected may make the application to the commissioner in the same
manner as if the application had been rejected by such rating organization or by...
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27-13-37
Section 27-13-37 Alteration, supplementation, and amendment of rating systems. A rating organization,
or any insurer making its own rates, may, with the approval of the commissioner, from time
to time, alter, supplement, or amend its rating systems, or any part thereof, by filing with
the department copies of such alterations, supplements, or amendments, together with a statement
of the reason, or reasons, for such alteration, supplement, or amendment. If such alteration,
supplement, or amendment shall have the effect of increasing or decreasing rates, the commissioner
shall determine whether the rates as altered thereby are reasonable, adequate, and not unfairly
discriminatory. If the commissioner shall determine that the rates as so altered are not unreasonably
high, or inadequate or unfairly discriminatory, he shall make an order approving them. If
he shall find that the rates as altered are unreasonable, inadequate, or unfairly discriminatory,
he shall issue an order disapproving...
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27-13-75
Section 27-13-75 Alteration, supplementation, and amendment of rating plans. A rating organization
or any insurer making its own rates may, with the approval of the commissioner, from time
to time, alter, supplement, or amend its rating plans, or any part thereof, by filing with
the department copies of such alterations, supplements, or amendments, together with a statement
of the reason, or reasons, for such alteration, supplement, or amendment. If such alteration,
supplement, or amendment shall have the effect of increasing or decreasing rates, the commissioner
shall determine whether the rates as altered thereby are reasonable, adequate, and not unfairly
discriminatory. If the commissioner shall determine that the rates as so altered are not unreasonably
high, or inadequate or unfairly discriminatory, he shall make an order approving them. If
he shall find that the rates as altered are unreasonable, inadequate, or unfairly discriminatory,
he shall issue an order disapproving such...
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27-13-65
Section 27-13-65 Rate-making and making rating plans. Every rating organization and every insurer
which makes its own rates shall make rates that are not unreasonably high or inadequate for
the safety and soundness of the insurer and which do not unfairly discriminate between risks
in this state and shall, in rate-making and in making rating plans: (1) Adopt basis classifications,
which shall be used as the basis of all manual, minimum, class, schedule, or experience rates;
(2) Give consideration to past experience within the state and without the state, when necessary,
and due consideration may be given to prospective loss experience within the state and without
the state, when necessary, over such period of years as appears to be fairly representative
of the frequency of the occurrence of the particular risk; and (3) Give consideration to all
factors reasonably related to the kind of insurance involved, including a reasonable profit
for the insurer and, in the case of participating...
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