27-10-22
Section 27-10-22 Endorsement of surplus line contract. Every insurance contract procured and
delivered as a surplus line coverage pursuant to this article shall be initialed by, or bear
the name and license number of, the surplus line broker who procured it and shall have stamped
upon it the following: "This contract is registered and delivered as a surplus line coverage
under the Alabama Surplus Line Insurance Law." (Acts 1963, No. 521, p. 1112, §9; Acts
1971, No. 407, p. 707, §197.)...
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27-10-30
Section 27-10-30 Annual statement of surplus line broker. (a) Each surplus line broker shall,
on or before the first day of March of each year, file with the commissioner a verified statement
of all surplus line insurance transacted by him during the preceding calendar year. (b) The
statement shall be on forms as prescribed and furnished by the commissioner and shall show:
(1) Gross amount of each kind of insurance transacted; (2) Aggregate gross premiums charged,
exclusive of sums collected to cover state or federal taxes; (3) Aggregate of returned premiums
and taxes paid to insureds; (4) Aggregate of net premiums; and (5) Additional information
as required by the commissioner. (Acts 1963, No. 521, p. 1112, §17; Acts 1971, No. 407, p.
707, §205.)...
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27-10-32
Section 27-10-32 Revocation or suspension of surplus line broker's license. (a) The commissioner
may revoke or suspend any surplus line broker's license for any one or more of the following:
(1) If the broker fails to file an annual statement or to remit the tax as required by law.
(2) If the broker fails to keep the records or to allow the commissioner to examine the broker's
records as required by law. (3) For any of the causes for which a producer's license may be
revoked. (b) The commissioner may suspend or revoke the broker's license if the commissioner
finds that the broker has, willfully or without exercise of due care, placed any insurance
coverage with an unauthorized insurer in violation of any of the requirements or conditions
of Section 27-10-20. (c) The procedures and rights provided by Section 27-7-19 as for the
suspension or revocation of producers' licenses shall be applicable to suspension or revocation
of a surplus line broker's license. (d) No broker whose license...
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27-12-17
Section 27-12-17 Collection of premiums or charges when insurance not provided; excess premium
or charge. (a) No person shall willfully collect any sum as premium or charge for insurance
which insurance is not then provided or is not in due course to be provided, subject to acceptance
of the risk by the insurer, by an insurance policy issued by an insurer as permitted by this
title. (b) No person shall willfully collect as premium or charge for insurance any sum in
excess of the premium or charge applicable to the insurance and as specified in the policy
in accordance with the applicable classifications and rates as filed with, and approved by,
the commissioner or, in cases where classifications, premiums, or rates are not required by
this title to be so filed and approved, the premiums and charges shall not be in excess of
those specified in the policy and as fixed by the insurer. This section shall not be deemed
to prohibit the charging and collection by surplus line brokers licensed...
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27-12-23
Section 27-12-23 False statements, etc., in insurance application. No agent, broker, solicitor,
examining physician, or other person shall knowingly make a false or fraudulent statement
or representation in, or relative to, an application for insurance. Violations of this section
shall be punishable under Section 27-1-12. (Acts 1971, No. 407, p. 707, §249.)...
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25-5-229
Section 25-5-229 Solicitation or writing of workers' compensation insurance by insurance companies,
etc., not in compliance with Code. Any insurance corporation, organization or association,
or any officer, employee or agent of such insurance corporation, organization or association
who solicits or writes any workers' compensation insurance in this state without complying
with the law as set forth in this Code in reference to filing with the Commissioner of Insurance
its classifications of risks and premiums relating thereto or without having received from
said Commissioner of Insurance approval of its plan of business or who fails to comply with
any other requisites set out in this chapter to make reports in writing, who conducts business
in the State of Alabama, shall be guilty of a misdemeanor and, on conviction, may be imprisoned
in the county jail or sentenced to hard labor for the county for not more than 12 months and
must also be fined not more than $500.00. (Acts 1919, No....
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27-10-31
Section 27-10-31 Annual tax of surplus line brokers. (a) On or before the first day of March
each year, the surplus line broker shall remit to the State Treasurer through the commissioner,
as a tax imposed for the privilege of transacting business as a surplus line broker in this
state, a tax of six percent on the direct premiums, less return premiums and exclusive of
sums collected to cover state or federal taxes, on surplus line insurance subject to tax transacted
by the broker during the preceding calendar year as shown by the annual statement filed with
the commissioner. (b) The tax under the provisions of this section shall be subject to deduction
of the full amount of all expenses of examination of the surplus line broker by the commissioner
in the same manner as that allowed for domestic insurers for examination expenses under the
provisions of subdivision (5) of subsection (c) of Section 27-4A-3. All taxes collected under
this section shall be deposited in the State Treasury to...
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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...
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40-14B-4
Section 40-14B-4 Prohibited activities. (a) An insurance company or other persons who may have
state premium tax liability or the affiliates of the insurance companies or other persons
may not, directly or indirectly, do any of the following: (1) Manage a certified capital company.
(2) Beneficially own, whether through rights, options, convertible interests, or otherwise,
more than 15 percent of the outstanding voting securities of a certified capital company.
(3) Control the direction of investments for a certified capital company. (b) Not more than
one certified investor in any certified capital company or affiliates thereof, may provide
a guaranty, indemnity, bond, insurance policy, or other payment undertaking in favor of all
of the certified investors of the certified capital company and its affiliates. (c) Subsection
(a) applies without regard to whether the insurance company or other person or the affiliate
of the insurance company or other person is licensed by or transacts...
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27-10-25
Section 27-10-25 Acceptance and placement of surplus line business from agents or brokers.
A licensed surplus line broker may accept and place surplus line business for any insurance
producer licensed in this state for the kind and class of insurance involved and may compensate
the producer therefor. No producer shall knowingly misrepresent to the broker any material
fact involved in any insurance or in the eligibility thereof for placement with an unauthorized
insurer. (Acts 1963, No. 521, p. 1112, §12; Acts 1971, No. 407, p. 707, §200; Act 2001-702,
p. 1509, §15.)...
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