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27-13-76
Section 27-13-76 Prohibition against premiums not in accord with approved rating systems. No
insurer, or employee thereof, and no broker or agent shall knowingly charge, demand or receive
a premium for any policy of insurance except in accordance with the respective rating systems
on file with, and approved by, the commissioner. No insurer, or employee thereof, and no broker
or agent shall pay, allow, or give, or offer to pay, allow, or give, directly or indirectly,
as an inducement to insurance, or after insurance has been effected, any rebate, discount,
abatement, credit, or reduction of the premium named in a policy of insurance, or any special
favor or advantage in the dividends or other benefits to accrue thereon or any valuable consideration
or inducement whatever not specified in the policy of insurance, except to the extent that
such rebate, discount, abatement, credit, reduction, favor, advantage, or consideration may
be provided for in rating systems filed by, or on behalf...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-76.htm - 2K - Match Info - Similar pages
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
5-19-20
Section 5-19-20 Insurance. (a) With respect to any consumer credit transaction, the creditor
shall not require any insurance other than insurance against loss of or damage to any property
in which the creditor is given a security interest and insurance insuring the lien of the
creditor on the property which is collateral for the transaction. (b) (1) Credit life and
disability and involuntary unemployment insurance may be offered and, if accepted, may be
provided by the creditor. The charge to the debtor for the insurance shall not exceed the
premium permitted for the coverages. Insurance with respect to any credit transaction shall
not exceed the approximate amount and term of the credit. (2) This subdivision (2) applies
to all consumer credit transactions entered into on or after June 19, 1996. If the consumer
credit transaction is scheduled to be repaid in substantially equal installments which include
a portion of the amount financed, the amount of credit life insurance at any time...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-20.htm - 5K - Match Info - Similar pages
27-40-1
Section 27-40-1 Definitions. For the purposes of this chapter, the following words and phrases
shall have the following meanings: (1) INSURANCE PREMIUM FINANCE COMPANY. A person engaged
in the business of entering into premium finance agreements. (2) PREMIUM FINANCE AGREEMENT.
An agreement by which an insured or prospective insured promises to pay to a premium finance
company the amount advanced or to be advanced under the agreement to an insurer or to an insurance
agent or broker in payment of premiums on an insurance contract together with a service charge,
as authorized and limited by this chapter, and charges for wind mitigation construction financing,
as approved by the commissioner. (3) LICENSEE. A premium finance company holding a license
issued under this chapter. (4) PERSON. An individual, partnership, association, business corporation,
nonprofit corporation, common law trust, joint-stock company, or any other group of individuals
however organized. (5) INSURANCE CONTRACT. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-1.htm - 1K - Match Info - Similar pages
37-9-18
Section 37-9-18 Certificates for common carriers and permits for contract carriers - Surety
bonds, insurance policies, etc., required. No certificate or permit shall be issued to an
air carrier or shall remain in force unless such carrier complies with such reasonable rules
and regulations as the commission shall prescribe covering the filing and approval of surety
bonds, policies of insurance, qualifications as a self-insurer or other securities or agreements
in such reasonable amount as the commission may require, conditioned to pay, within the amount
of such surety bonds, policies of insurance, qualifications as a self-insurer or other securities
or agreements, any final judgment recovered against such air carrier for a bodily injury or
the death of any person resulting from the negligent operation, maintenance or use of aircraft
under such certificate or permit, or for loss or damage to property of others. The commission
may, in its discretion and under such rules and regulations...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-9-18.htm - 2K - Match Info - Similar pages
11-26-5
Section 11-26-5 Health and accident group to file bylaws and schedules with Insurance Commissioner;
group exempt from regulation and tax. Each health and accident self-insurance group established
under the provisions of this chapter shall file with the State Insurance Commissioner, a copy
of its bylaws and schedule of benefits and charges. Such group, however, shall be exempt from
regulation by the Department of Insurance of the State of Alabama and all premiums or charges
collected shall be exempt from insurance premium tax. (Acts 1981, No. 81-265, p. 348, ยง5.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-26-5.htm - 874 bytes - Match Info - Similar pages
41-10-508
Section 41-10-508 Security. The principal of, premium, if any, and interest on the bonds of
the authority shall be secured by any or all of the following, as the authority may determine:
(1) The rent and revenues from the lease or use of one or more facilities of the authority;
(2) The proceeds from any sale of any facilities of the authority; (3) Any bond proceeds remaining
unexpended upon completion of all facilities to be constructed with such bond proceeds and
the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive
by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security
interest in one or more facilities of the authority, granted in connection with the issuance
of such bonds. The authority shall have authority to transfer and assign any lease or mortgage
of any of its facilities as security for the payment of such principal, premium, if any, and
interest. The bonds may be issued under, and secured by, a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-508.htm - 2K - Match Info - Similar pages
8-15-7
Section 8-15-7 Permit - Bond and proof of insurance; prerequisite to issuance of permit; filing
of additional bonds; actions on bond. (a) In the event the Commissioner of Agriculture and
Industries decides that a permit to operate a public warehouse should be issued, he shall
fix the amount of the bond, which shall be furnished by the applicant and approved by the
commissioner prior to the issuance of the permit. In addition to the requirement of bond,
the commissioner may require the applicant, as a prerequisite to the issuance of such bond,
to furnish legal proof of warehouseman's legal liability insurance in effect on the commodities
to be stored in any such public warehouse. (b) Such bond shall be made with some surety company
that has complied with the laws of the State of Alabama and which has a reputation for promptly
settling claims upon their merits and shall be payable to the State of Alabama in such sum
as the Commissioner of Agriculture and Industries may fix, but in no...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-15-7.htm - 3K - Match Info - Similar pages
27-15-79
Section 27-15-79 Nonforfeiture benefits for indeterminate premium plans. In the case of any
plan of life insurance which provides for future premium determination, the amounts of which
are to be determined by the insurer based on the estimates of future experience, or, in the
case of any plan of life insurance which is of such a nature that minimum values cannot be
determined by the methods described in Section 27-15-72, 27-15-73, 27-15-74, 27-15-75, 27-15-76,
27-15-77, or 27-15-78, then: (1) The commissioner must be satisfied that the benefits provided
under the plan are substantially as favorable to policyholders and insureds as the minimum
benefits otherwise required by Section 27-15-72, 27-15-73, 27-15-74, 27-15-75, 27-15-76, 27-15-77,
or 27-15-78. (2) The commissioner must be satisfied that the benefits and the pattern of premiums
of that plan are not such as to mislead prospective policyholders or insureds. (3) The cash
surrender values and paid-up nonforfeiture benefits provided...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-79.htm - 1K - Match Info - Similar pages
27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications for insurance.
(a) Upon receipt of the commissioner's approval of the bond or deposit as provided in Section
27-27-16 the directors and officers of the proposed domestic mutual insurer may commence solicitation
of such requisite applications for insurance policies as they may accept and may receive deposits
of premiums thereon. (b) All such applications shall be in writing signed by the applicant,
covering subjects of insurance resident, located or to be performed in this state. (c) All
such applications shall provide that: (1) Issuance of the policy is contingent upon the insurer
qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless
and until the certificate of authority has been issued; and (3) The prepaid premium or deposit
and membership or policy fee, if any, shall be refunded in full to the applicant if organization
is not completed and the certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-17.htm - 2K - Match Info - Similar pages
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