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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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27-5A-7
Section 27-5A-7 Required contract provisions; reinsurance intermediary-managers. Transactions
between a reinsurance intermediary-manager and the reinsurer it represents in that capacity
shall only be entered into pursuant to a written contract, specifying the responsibilities
of each party, which shall be approved by the reinsurer's board of directors. At least 30
days before a reinsurer assumes or cedes business through a producer, a true copy of the approved
contract shall be filed with the commissioner for approval. The contract shall, at a minimum,
provide that: (1) The reinsurer may terminate the contract for cause upon written notice to
the reinsurance intermediary-manager. The reinsurer may immediately suspend the authority
of the reinsurance intermediary-manager to assume or cede business during the pendency of
any dispute regarding the cause for termination. (2) The reinsurance intermediary-manager
shall render accounts to the reinsurer accurately detailing all material...
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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...
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27-15-53
Section 27-15-53 Requirements for death master file comparisons. (a) An insurer shall perform
a comparison of its insureds' in-force life insurance policies, annuity contracts, and retained
asset accounts against a death master file, to identify potential death master file matches
of its insureds. Such comparison shall be completed by January 1, 2019. Thereafter, an insurer
shall maintain a program designed to compare each such policy, contract, or account with a
death master file no less frequently than every three years, it being the intent that insurers
fashion a program that best fits their business systems while at the same time protecting
consumers by assuring reasonable checks are being performed to identify unreported deaths.
For those potential death master file matches identified as a result of a death master file
comparison, the insurer shall do all of the following: (1) Within 90 days of a death master
file match: a. Complete a commercially reasonable effort, which shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-53.htm - 5K - Match Info - Similar pages
27-2-24
Section 27-2-24 Examinations - Report; confidentiality of information. (a) The commissioner,
or his or her examiner, shall make a full and true written report of each examination. The
examination report shall contain only information obtained from examination of the books,
records, accounts, files, or other documents of, or relative to, the person examined, its
agents or other persons examined, or as ascertained from the testimony of its officers or
agents or other persons examined concerning its affairs, together with conclusions and recommendations
as the examiners find reasonable warranted from the facts. (b) No later than 60 days following
completion of the examination, the examiner in charge shall file with the department a verified
written report of examination under oath. Upon receipt of the verified report, the department
shall transmit the report to the company examined, together with a notice that the company
examined may make a written submission or rebuttal with respect to...
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27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance
company doing business in this state shall annually submit the opinion of a qualified actuary
as to whether the reserves and related actuarial items held in support of the policies and
contracts specified by the commissioner by regulation are computed appropriately, are based
on assumptions which satisfy contractual provisions, are consistent with prior reported amounts,
and comply with applicable laws of this state. The commissioner, by regulation, shall define
the specifics of this opinion and add any other items deemed to be necessary to its scope.
(2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
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45-2-244.183
Section 45-2-244.183 Monthly installments of taxes; statements of gross proceeds; disposition
of funds; violations. (a) The privilege license tax levied hereunder, except where otherwise
provided, shall be due and payable in monthly installments on or before the twentieth day
of the month next succeeding the month in which the privilege license tax accrues. On or before
such twentieth day, every person on whom the amounts levied hereunder are imposed shall render
to the county, on a form or forms prescribed by the county commission or State Department
of Revenue, a true and correct statement showing the gross proceeds of his or her business
for the next preceding month, the amount of gross proceeds which are not subject to the privilege
license tax, or are not to be used as a measurement of the amounts due by such person and
the nature thereof, together with such other information as the county commission may require,
and at the time of making such monthly report such person shall...
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27-17A-22
Section 27-17A-22 Violations and penalties. (a)(1) A person who knowingly receives payments
for a preneed contract without having a valid certificate of authority: a. Commits a Class
B felony, punishable as provided by law, as to each contract on which the payments collected
equal or exceed, in the aggregate, two thousand five hundred dollars ($2,500). b. Commits
a Class C felony, punishable as provided by law, as to each contract on which the payments
collected are between, in the aggregate, five hundred dollars ($500) and two thousand five
hundred dollars ($2,500). c. Commits a Class A misdemeanor, punishable as provided by law,
as to each contract on which the payments collected do not exceed, in the aggregate, five
hundred dollars ($500). (2) In addition to the criminal penalty imposed under subdivision
(1), upon conviction of an offense under subdivision (1), a person may not thereafter obtain
a certificate of authority or register as a preneed sales agent. (b)(1) A person who...
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27-29-6.2
Section 27-29-6.2 Group-wide supervisor for internationally active insurance group. (a)(1)
The commissioner may act as the group-wide supervisor for any internationally active insurance
group in accordance with this section. The commissioner may otherwise acknowledge another
regulatory official as the group-wide supervisor where the internationally active insurance
group meets any of the following: a. Does not have substantial insurance operations in the
United States. b. Has substantial insurance operations in the United States, but not in this
state. c. Has substantial insurance operations in the United States and this state, but the
commissioner has determined pursuant to the factors set forth in subsections (b) and (f) that
the other regulatory official is the appropriate group-wide supervisor. (2) An insurance holding
company system that does not otherwise qualify as an internationally active insurance group
may request that the commissioner make a determination or acknowledgment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-6.2.htm - 10K - Match Info - Similar pages
27-62-6
Section 27-62-6 Notification of cybersecurity event. (a) Each licensee shall notify the commissioner
as promptly as possible, but in no event later than three business days from a determination
that a cybersecurity event involving nonpublic information that is in the possession of a
licensee has occurred when either of the following criteria has been met: (1) This state is
the state of domicile of the licensee, in the case of an insurer, or this state is the home
state of the licensee, in the case of a producer, as those terms are defined in Section 27-7-1,
and the cybersecurity event has a reasonable likelihood of materially harming a consumer residing
in this state or reasonable likelihood of materially harming any material part of the normal
operation of the licensee. (2) The licensee reasonably believes that the nonpublic information
involves 250 or more consumers residing in this state and the cybersecurity event is either
of the following: a. A cybersecurity event impacting the...
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