27-40-6
Section 27-40-6 Books and records. (a) Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the commissioner. The commissioner may at any time require any licensee to bring such records as he may direct to the commissioner's office for examination. (b) Every licensee shall preserve its records of such premium finance transactions including cards used in a card system, if any, for at least three years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic form shall constitute compliance with this requirement. (Acts 1975, No. 1042, p. 2088, ยง6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-6.htm - 1022 bytes - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted Insurance sold to, solicited by, or negotiated with an insured whose Home State is another State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
27-62-4
Section 27-62-4 Information security program. (a) Commensurate with the size and complexity of the licensee, the nature and scope of the activities of the licensee, including its use of third-party service providers, and the sensitivity of the nonpublic information used by the licensee or in the possession, custody, or control of the licensee, each licensee shall develop, implement, and maintain a comprehensive written information security program based on the risk assessment of the licensee that contains administrative, technical, and physical safeguards for the protection of nonpublic information and the information system of the licensee. (b) The information security program of a licensee shall be designed to do all of the following: (1) Protect the security and confidentiality of nonpublic information and the security of the information system. (2) Protect against any threats or hazards to the security or integrity of nonpublic information and the information system. (3) Protect...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-62-4.htm - 10K - Match Info - Similar pages
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and other distributions. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to all of the following standards: (1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management shall include such provisions as required by rule and regulation issued by the commissioner. (3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied. (5) The books, accounts, and records of each party to all such transactions shall be so maintained as to clearly and accurately disclose the nature and details of the transactions including such accounting information as is necessary to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its articles of association, charter, or other organizational document, may apply to the commissioner for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5, in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10, and to grant annuity contracts as defined in Section 27-5-3, subject, however, to all of the following: (1) No pure captive insurance company may insure any risks other than those of its parent and affiliated companies or controlled unaffiliated business. (2) No association captive insurance company may insure any risks other than those of the member organizations of its association, and their affiliated companies. (3) No industrial insured captive insurance company may insure any risks other than those of the industrial insureds that comprise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-3.htm - 11K - Match Info - Similar pages
5-18A-11
Section 5-18A-11 Maintenance of business records; notice of intent to conduct business in conjunction with other business; examination of place of business. (a) Each licensee shall keep and use in its business any books, accounts, and records that the supervisor may require to carry into effect this chapter and the administrative regulations issued hereunder. If a licensee operates any other business licensed by the department, a deferred presentment services business shall be accounted for separately from any other business licensed by the department. Each licensed business shall maintain separate business records. (b) No licensee shall conduct the business of making deferred presentment transactions under this chapter within any office, suite, room, or place of business in which any other business except check cashing or a business conducted pursuant to Chapter 19A is solicited or engaged in or in association or conjunction with any other business until 15 days' written notice of an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-18A-11.htm - 3K - Match Info - Similar pages
5-25-9
Section 5-25-9 Maintenance and examination of records, etc. (a) Any person required to be licensed under this chapter shall maintain in its offices or such other location as the department shall permit the books, accounts, and records as the department may reasonably require in order to determine whether the person is complying with this chapter and rules and regulations adopted pursuant to this chapter. These books, accounts, and records shall be maintained apart and separate from any other business in which the person is involved. (b) The department may, by its designated officers and employees, as often as it deems necessary, but at least once every 24 months, investigate and examine the affairs, business, premises, and records of any person required to be licensed under this chapter insofar as they pertain to any business for which a license is required by this chapter. (c) The department, at its discretion, may: (1) Cause an examination to be made at the licensee's place of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-25-9.htm - 3K - Match Info - Similar pages
5-2A-24
Section 5-2A-24 Examination of small loan companies; fees. The Superintendent of Banks may at any reasonable time cause an examination to be made of any small loan company, finance company, and other individual or person holding any license from the State Banking Department at the licensee's place of business of the records and transactions of such licensee to determine compliance with the laws of Alabama. Each licensee shall pay to the State Banking Department the actual cost of each examination, the amount of which shall be reasonably prescribed under uniform and equitable rules and regulations promulgated by the Superintendent of Banks. All such fees shall be paid into the special fund set up by the State Treasurer pursuant to Section 5-2A-20, and used in the supervision and examination of licensees. (Acts 1980, No. 80-444.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-2A-24.htm - 1K - Match Info - Similar pages
5-18-10
Section 5-18-10 Examinations of licensees; investigations; enforcement powers of supervisor. (a) Annual examinations of licensees. At least once each year and at such other time as may be deemed necessary by the Supervisor of the Bureau of Loans, an examination shall be made of the place of business of each licensee and of the loans, transactions, books, papers, and records of the licensee so far as they pertain to the business licensed under this chapter. As cost of examination, the licensee shall pay to the Bureau of Loans the actual cost of each examination, the amount of which shall be reasonably prescribed under rules and regulations promulgated by the Superintendent of Banks; provided, however, the cost for each day of examination by each examiner shall not exceed eight times the average hourly rate for auditing purposes as charged by three recognized certified public accountancy firms in the City of Montgomery, Alabama. In addition thereto, the licensee shall pay as per diem the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-18-10.htm - 5K - Match Info - Similar pages
27-2-20
Section 27-2-20 Examinations - Power generally. (a) If he has reason to believe that any such person has violated or is violating any provision of this title or upon complaint by any resident of this state indicating that any such violation may exist, the commissioner may examine the accounts, records, documents, and transactions pertaining to or affecting the insurance affairs of any: (1) General agent, agent, broker, surplus line broker, solicitor, or adjuster; (2) Person having a contract or power of attorney under which he enjoys in fact the exclusive or dominant right to manage or control an insurer; or (3) Person engaged in or proposing to be engaged in or assisting in the promotion or formation of a domestic insurer, insurance holding corporation, or corporation to finance a domestic insurer or the production of its business. (b) The commissioner may examine the insurance affairs and transactions of the attorney-in-fact of a reciprocal insurer in the same manner and on the same...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-20.htm - 1K - Match Info - Similar pages
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