27-22-21
Section 27-22-21 Policy and premium information to be submitted to the Department of Insurance. (a) Each insurance company authorized to transact homeowners insurance business in the State of Alabama shall annually submit to the department for homeowners insurance policies, computations of the total amount of direct incurred losses, the number of policies in force, and the direct earned premiums for the prior calendar year. The insurance company shall report the computations to the department by zip code. The information received by the department shall be aggregated across all insurance companies collectively and the aggregated totals shall be arranged by zip code. Homeowners insurance shall also include condominium insurance, dwelling fire policies, renters/tenants insurance, and mobile home/manufactured housing property insurance. Creditor-placed property insurance, condominium association insurance, and commercial insurance are excluded from this article. (b) Based upon the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-22-21.htm - 2K - Match Info - Similar pages
27-30-18
Section 27-30-18 Deposit - Amounts; purpose; kind. (a) Each mutual aid association shall, prior to issuance of its certificate of authority, deposit and thereafter maintain on deposit with the Treasurer of the State of Alabama securities of the kind authorized under subsection (d) of this section, in the amount of not less than $5,000.00. If in any calendar year the gross premium receipts of the association from business done within this state exceed $50,000.00, the association shall, not later than the March 30 next following such calendar year, increase the amount of its deposit so made and maintained in accordance with the following schedule: Gross premium receipts during calendar year Amount of deposit required More than $50,000 but less than $150,000 $10,000 Equal to 150,000 but less than 250,000 15,000 Equal to 250,000 but less than 350,000 20,000 Equal to 350,000 but less than 500,000 25,000 Equal to 500,000 but less than 750,000 50,000 Equal to 750,000 but less than 1,000,000...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-18.htm - 2K - Match Info - Similar pages
41-15-2
Section 41-15-2 Department of Finance to administer chapter; administrator of State Insurance Fund. The Department of Finance is hereby constituted and designated as the agency through which this chapter shall be administered, and the director of said department is empowered with such authority as may be necessary to carry out its purposes. The director of said department, with the approval of the Governor, may appoint a risk manager, as administrator of the State Insurance Fund, who is familiar with insurance customs and practices and is otherwise qualified by actual experience in the underwriting of risks and adjustment of losses, to assist the director of said department in carrying out the purpose of this chapter. The said risk manager shall install and keep an accurate system of accounting and statistical records and shall adjust losses, make appraisals of insured properties for insurance purposes, when necessary, and shall handle or supervise the handling of all other details...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-2.htm - 2K - Match Info - Similar pages
27-40-9
Section 27-40-9 Service charges; prepayment of obligation. (a) For the purpose of this section, "consumer insurance premium finance agreement" means an insurance premium finance agreement as defined in Section 27-40-1 wherein the insurance contracts which are the subject of the premium finance agreement are for personal, family, or household purposes or where the premiums for those agreements are two thousand dollars ($2,000) or less. For the purpose of this section, "commercial premium finance agreement" means any insurance premium finance agreement other than a consumer premium finance agreement. (b) A premium finance company shall not charge, contract for, receive, or collect a service charge other than in accordance with the following provisions: (1) The service charge is to be computed on the balance of the premium due, after subtracting the down payment made by the insured in accordance with the premium finance agreement, from the effective date of the insurance for which the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-9.htm - 2K - Match Info - Similar pages
27-10-29
Section 27-10-29 Records of surplus line brokers. (a) Each surplus line broker shall keep in his office in this state a full and true record of each surplus line contract procured by him, including a copy of the policy, certificate, cover note or other confirmation of insurance and of the daily report, if any, and showing such of the following items as may be applicable: (1) Amount of the insurance and risks insured against; (2) Gross premium charged; (3) Return premium paid, if any; (4) Rate of premium charged upon the several items of property; (5) Effective date of the contract and the terms thereof; (6) Name and address of the insurer; (7) Name and address of the insured; (8) Brief general description of property insured and where located; (9) Amount of tax and other sums collected from the insured; and (10) Other information as may be required by the commissioner. (b) The record shall at all times be open to examination by the commissioner and shall be kept available and open to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-29.htm - 1K - Match Info - Similar pages
27-40-8
Section 27-40-8 Contents and style of premium finance agreement. (a) The contents and style of the premium finance agreement shall be as follows: (1) It shall be dated, signed by the insured or an authorized representative and the printed portion thereof shall be in at least eight-point type. (2) It shall contain the name and place of business of the insurance agent negotiating the related insurance contract, the name and residence, or place of business, of the insured as specified by the insured, the name and place of business of the premium finance company to which payments are to be made, a description of the insurance contracts or wind mitigation construction financing involved, and the amount of the premium or other charges therefor. (3) It shall set forth the following items where applicable: a. The total amount of the premiums and other approved charges. b. The amount of the down payment. c. The principal balance, that being the difference between items a. and b. d. The amount...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-8.htm - 1K - Match Info - Similar pages
25-5-318
Section 25-5-318 One-time discount to small employers. (a) For purposes of this article, "small employer" means an employer who is not experienced-rated for workers' compensation insurance purposes and whose annual workers' compensation premium is less than $5,000.00. (b) The Department of Insurance shall promulgate a plan by which all insurance companies writing workers' compensation insurance in this state shall grant a one-time discount to small employers who qualify under this article and by which surcharges are assessed against small employers who experience two or more employee on-the-job injuries resulting in payment of indemnity or medical payments during a one-year period. (c) A small employer who has not experienced an employee on-the-job injury resulting in payment of indemnity or medical payments during the most recent one-year period for which statistics are available shall receive a one-time discount of 10 percent on the amount of the employer's workers' compensation...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-318.htm - 3K - Match Info - Similar pages
27-25-4.8
Section 27-25-4.8 Implementation. (a) The commissioner, by rule pursuant to Chapter 2, may provide for the implementation of the requirements of this chapter. (b) Each title insurance agent certificate of authority in force prior to January 1, 2013, shall be issued a replacement title insurance agent license and appointment upon payment of the annual fee in the amount set forth in Section 27-25-4 prior to January 1, 2013. A replacement title insurance agent shall be authorized to continue to issue title insurance policies in the same manner as permitted in Section 27-25-4 prior to January 1, 2013. (c) A replacement title insurance agent license issued in accordance with subsection (b) shall be valid for six months, during which time the person shall satisfy the requirements for a title insurance agent license pursuant to Sections 27-25-4.1 and 27-25-4.3 or the replacement license shall thereupon expire and be canceled. The appointment issued in accordance with subsection (b) shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-25-4.8.htm - 2K - Match Info - Similar pages
27-25-7
Section 27-25-7 Notice of availability of owner's title insurance. (a) In connection with any transaction involving the purchase or sale of a fee simple or possessory interest in real property in this state, the title insurer shall obtain or cause its agent to obtain, at or before the closing of settlement and disbursement of any funds, a statement in writing from the purchaser acknowledging that the purchaser has received a notice that owner's title insurance may be available to the purchaser in accordance with the underwriting guidelines of the title insurer and that the purchaser does or does not desire to purchase owner's insurance coverage. The written notice of availability of owner's title insurance shall contain all of the following: (1) The address or legal description of the property. (2) A disclosure that owner's title insurance may be available in accordance with the underwriting guidelines of the title insurer and the premium therefor. (3) A space to indicate the desire of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-25-7.htm - 2K - Match Info - Similar pages
27-36A-5
Section 27-36A-5 Computation of minimum standard. (a) Except as provided in Sections 27-36A-6, 27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies and contracts issued prior to May 28, 1996, shall be that provided by the laws in effect immediately prior to May 28, 1996. (b) Except as otherwise provided in Sections 27-36A-6, 27-36A-7, and 27-36A-14, the minimum standard for the valuation of all policies and contracts issued on or after May 28, 1996, shall be the commissioners reserve valuation method defined in Sections 27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-14, three and one-half percent interest, or, in the case of life insurance policies and contracts, other than annuity and pure endowment contracts, issued on or after August 23, 1976, four percent interest for the policies issued prior to July 30, 1979, and five and one-half percent interest for single premium life insurance policies and four and one-half percent interest for all other policies...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-5.htm - 5K - Match Info - Similar pages
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