27-44-11
Section 27-44-11 Duties and powers of commissioner; appeal and review; notification. In addition to the duties and powers enumerated elsewhere in this chapter: (1) The commissioner shall: a. Upon request of the board of directors, provide the association with a statement of the premiums in the appropriate states for each member insurer. b. When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this chapter. c. In any liquidation or rehabilitation proceeding involving a domestic insurer, petition the court of competent jurisdiction to have the chief of the receivership division appointed as the liquidator or rehabilitator. If a foreign or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-11.htm - 2K - Match Info - Similar pages
27-7-19
Section 27-7-19 Licenses - Penalties. (a) The commissioner may place on probation, refuse to issue or renew, suspend, or revoke the license of any licensee under this chapter, or may levy a civil penalty in accordance with subsection (c), or any combination of actions, for any one or more of the following causes: (1) Any cause for which issuance of the license could have been refused had it then existed and been known to the commissioner. (2) Providing incorrect, misleading, incomplete, or materially untrue information in any application or in any communication to the commissioner. (3) Obtaining or attempting to obtain a license through misrepresentation or fraud. (4) Intentionally misrepresenting the terms of any actual or proposed insurance contract or application for insurance. (5) Having admitted or been found to have committed any insurance unfair trade practice or fraud. (6) For inducing, persuading, or advising any policyholder to surrender or cause to be cancelled any policy of...
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27-9A-12
Section 27-9A-12 License denial, non-renewal, or revocation. (a) The commissioner may place on probation, suspend, revoke, or refuse to issue or renew an independent adjuster's license, an apprentice independent adjuster's license, or the registration of an emergency independent adjuster, or may levy a civil penalty in accordance with subsection (d), or any combination of these actions, for any one or more of the following causes: (1) Providing incorrect, misleading, incomplete, or materially untrue information in the license application. (2) Violating any insurance laws, rules, subpoena, or order of the commissioner or of another state's insurance regulator. (3) Obtaining or attempting to obtain a license or registration through misrepresentation or fraud. (4) Improperly withholding, misappropriating, or converting any monies or properties received in the course of acting as an adjuster of any type or in otherwise doing insurance business in this state or elsewhere. (5) Intentionally...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-9A-12.htm - 4K - Match Info - Similar pages
27-2-14
Section 27-2-14 Records, documents, and files - Custody; inspection; reproduction; destruction. (a) The commissioner shall keep and preserve in permanent form accurate and complete records of his proceedings, including also a concise statement of the result of such examination of insurers by the commissioner, record and file all bonds and contracts and shall file such records in the department. The commissioner is responsible for the custody and preservation of all records, documents, and files of the department. (b) The records of the commissioner and insurance filings in his office shall be open to public inspection, except as otherwise provided by this title. (c) The commissioner may photograph, microphotograph, or reproduce on film, whereby each page will be reproduced in exact conformity with the original, all financial records, financial statements of domestic insurers, reports of business transacted in this state by foreign insurers, reports of examination of domestic insurers,...
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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, ยง58.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-13.htm - 1K - Match Info - Similar pages
27-3-21
Section 27-3-21 Suspension or revocation of certificates - Additional grounds; notice and hearing. (a) The commissioner may, in his discretion, suspend or revoke an insurer's certificate of authority if, after a hearing thereon, he finds that the insurer has willfully violated any material provision of this title other than those for which suspension or revocation is mandatory or has failed to pay applicable taxes with respect to a preceding calendar year as required by this title. (b) The commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he finds that the insurer: (1) 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 transaction of insurance in this state hazardous to its policyholders or to the public; (2) Has refused to be examined or to produce its accounts, records, and files for examination or if any of its officers or agents have...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-21.htm - 3K - Match Info - Similar pages
27-52-21
Section 27-52-21 Commissioner of Insurance; benefits offered to small employers; "small employer" defined. (a) The Commissioner of Insurance shall, by regulation, establish the conditions, restrictions, requirements, and plan of operation of the Alabama Small Employer Allocation Program consistent with the requirements of the Health Insurance Portability and Accountability Act of 1996 and any and all federal regulations adopted pursuant thereto, which plan benefits shall be inclusive of the provisions of Sections 27-1-10 and 27-19-39. The program shall be patterned after the Small Employer Health Insurance Availability models developed by the National Association of Insurance Commissioners. (b) All insurers that offer health benefit plans to small employers in this state on and after August 1, 1997, shall be required to meet the requirements of the program as a condition of authority to transact business in this state. (c) For the purposes of this article, a "small employer" means any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-52-21.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
27-6A-5
Section 27-6A-5 Duties of insurer. Insurers shall have the following duties: (1) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business. (2) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification. (3) The insurer shall periodically, and at least semi-annually, conduct an onsite review of the underwriting and claims processing operations of the managing general agent. (4) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicate shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent. (5) Within 30 days of...
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27-9A-3
Section 27-9A-3 Independent adjuster defined; exclusions. (a) For purposes of this chapter, an "independent adjuster" is a person who, for compensation as an independent contractor or as an employee of an independent contractor, undertakes on behalf of an insurer to ascertain and determine the amount of any claim, loss, or damage payable under a contract of property, casualty, or workers' compensation insurance or to effect settlement of such claim, loss, or damage. This chapter shall not be construed to permit persons not licensed as attorneys to engage in activities constituting the practice of law. (b) An independent adjuster does not include any of the following: (1) Attorneys-at-law admitted to practice in this state when acting in their professional capacity as an attorney. (2) A salaried employee of an insurer. (3) A person employed solely to obtain facts surrounding a claim or to furnish technical assistance to a licensed independent adjuster. (4) An individual who is employed...
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