27-2B-6
Section 27-2B-6 Authorized control level event; commissioner's duties. (a) "Authorized control level event" means any of the following events: (1) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC. (2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (1), provided the insurer does not challenge the adjusted RBC report under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted RBC report that indicates the event in subdivision (1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge. (4) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, provided the insurer has not challenged the corrective order...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2B-6.htm - 2K - Match Info - Similar pages
27-3-6.1
Section 27-3-6.1 Authority to transact insurance - Kind or combinations of kinds - Closing or settlement protection. (a) Notwithstanding the provisions of subdivision (3) of Section 27-3-6, a title insurer may issue closing or settlement protection to a person who is a party to a transaction in which a title insurance policy will be issued. (b) The form of closing or settlement protection shall be submitted to and approved by the commissioner. (c) The closing or settlement protection may indemnify a person only against loss of closing or settlement funds because of one of the following acts of a settlement agent, such as a title insurance agent or other settlement service provider which has been approved by the title insurer for such protection, under the terms and conditions of the closing protection as approved by the commissioner: (1) Theft or misappropriation of settlement funds in connection with a transaction in which a title insurance policy or title insurance policies will be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-6.1.htm - 4K - Match Info - Similar pages
32-7-23
Section 32-7-23 Uninsured motorist coverage; "uninsured motorist" defined; limitation on recovery. (a) No automobile liability or motor vehicle liability policy insuring against loss resulting from liability imposed by law for bodily injury or death suffered by any person arising out of the ownership, maintenance, or use of a motor vehicle shall be delivered or issued for delivery in this state with respect to any motor vehicle registered or principally garaged in this state unless coverage is provided therein or supplemental thereto, in limits for bodily injury or death set forth in subsection (c) of Section 32-7-6, under provisions approved by the Commissioner of Insurance for the protection of persons insured thereunder who are legally entitled to recover damages from owners or operators of uninsured motor vehicles because of bodily injury, sickness or disease, including death, resulting therefrom; provided, that the named insured shall have the right to reject such coverage; and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-23.htm - 2K - Match Info - Similar pages
32-7A-11
Section 32-7A-11 Online insurance verification system - Notification upon inability to verify existing insurance; proof of coverage; penalties. (a)(1) When the department is unable to verify that liability insurance coverage exists for a motor vehicle registered or required to be registered in this state, the department shall send the registrant notice via U.S. mail at the last known address as reflected on the department's motor vehicle registration records. The notice shall require that the registrant, within 30 calendar days of the date of the notice, provide evidence of continuous liability insurance coverage for the vehicle for the period specified by the department. The registration will be suspended unless either: a. The registrant responds within the required time frame and the response establishes that the registrant has not had a lapse in liability insurance coverage. The department shall then indicate in its records that the insured is in compliance with this chapter. b. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7A-11.htm - 4K - Match Info - Similar pages
32-7A-2
Section 32-7A-2 Definitions. (a) For the purposes of this chapter, the following terms shall have the following meanings respectively ascribed to them in this section, except in those instances where the context clearly indicates a different meaning: (1) CERTIFICATE OF INSURANCE. A document issued by an insurer or its authorized representative showing that a specific vehicle is insured for no less than the minimum limits of liability coverage for bodily injury or death and for destruction of property under subsection (c) of Section 32-7-6. (2) COMMERCIAL AUTOMOBILE LIABILITY INSURANCE POLICY. An insurance policy that: a. Is written on either a commercial coverage or other commercially rated personal policy form, including, but not limited to, a commercial auto, garage, or truckers form, and is not dependent on the type, number, or ownership of vehicle or entity covered or insured. b. Insures vehicles that are not identified individually by vehicle identification number on the policy....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7A-2.htm - 6K - Match Info - Similar pages
32-7A-3
Section 32-7A-3 Powers and duties of department. (a) The department shall administer and enforce the provisions of this chapter and shall make such reasonable rules and regulations concerning any matter administered in this chapter and shall provide for hearings upon the request of persons aggrieved by orders or acts of the department under the provisions of this chapter. (b) The department may prescribe and provide suitable notices and forms necessary to carry out the provisions of this chapter. (c) The department: (1) May make necessary investigations to procure information required to carry out the provisions of this chapter. (2) Shall suspend the motor vehicle registrations pursuant to the provisions of this chapter. (3) Shall require insurance companies doing business in this state to regularly report the vehicle identification numbers covered by their mandatory liability insurance policies in a manner specified by the department. (4) May operate a pilot program to study the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7A-3.htm - 2K - Match Info - Similar pages
5-17-19
Section 5-17-19 Insurance and reserves. (a) Every credit union shall set aside such regular reserves as are required to be set aside by the credit union in order to maintain insurance of member accounts under the provisions of Title II of the Federal Credit Union Act. Additionally, any credit union may be required by the Administrator of the Alabama Credit Union Administration to maintain any special reserves which the administrator finds are necessary under the particular circumstances to protect the interests of the members. (b) Any credit union hereafter organized under this chapter shall be prohibited by the Administrator of the Alabama Credit Union Administration from beginning the active conduct of business until such time as such credit union has obtained insurance of member accounts either under the provisions of Title II of the Federal Credit Union Act or has obtained approval for private insurance under a private insurance program or carrier. (c) Any credit union which has...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-19.htm - 3K - Match Info - Similar pages
27-10-20
Section 27-10-20 Procuring of surplus lines from unauthorized insurers. If certain insurance coverages cannot be procured on terms acceptable to the insureds from authorized insurers, such coverages, designated "surplus lines," may be procured from unauthorized insurers subject to the terms and conditions of either subdivisions (1) or (2) of this section: (1)a. The insurance must be procured through a licensed surplus line broker; b. The full amount of insurance required must not be procurable, after diligent effort has been made to do so, from among the insurers authorized to transact and actually transacting that kind and class of insurance in this state or has been procured to the full extent such insurers are willing to insure; c. The insurance must not be procured for the purpose of securing advantages as to a lower premium rate than would be accepted by an authorized insurer; and d. This section, and this surplus line law, does not apply as to life insurance or disability...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-20.htm - 1K - Match Info - Similar pages
27-25-4.3
Section 27-25-4.3 Prelicensing course and examination. (a)(1) Every individual subject to the examination required in subsection (b) shall first complete a prelicensing course consisting of 20 classroom hours or equivalent individual instruction on the general principles of title insurance, the duties and responsibilities of a title insurance agent, and the title insurance laws and regulations of this state. The course shall be taught only by those educational institutions, title insurers, or title insurance trade organizations which hold written authority from the commissioner. (2) The prelicensing course must have been completed within 12 months before the date of the examination as shown on the certificate furnished by the prelicensing course provider. (3) Every prelicensing course provider shall apply annually for the continued authority to issue certificates of completion under rules and regulations to be prescribed by the commissioner. (4) At the time of initial approval and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-25-4.3.htm - 4K - Match Info - Similar pages
27-7-30.2
Section 27-7-30.2 Liability for disclosure of information, etc. (a) In the absence of actual malice, an insurer, the authorized representative of the insurer, a producer, the commissioner, or an organization of which the commissioner is a member and that compiles the information and makes it available to other insurance commissioners or regulatory or law enforcement agencies shall not be subject to civil liability, and a civil cause of action by a producer or other person named in the report as having acted in concert with the producer of any nature shall not arise against these entities or their respective agents or employees, as a result of any statement or information required by or provided pursuant to Section 27-7-30, or any information relating to any statement that may be requested in writing by the commissioner, from an insurer or producer; or a statement by a terminating insurer or producer to an insurer or producer limited solely and exclusively to whether a termination for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-30.2.htm - 2K - Match Info - Similar pages
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