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27-40-16
Section 27-40-16 Payment of rebates or inducements prohibited; purchase of premium finance
agreement. No premium finance company and no employee of such a company shall pay, allow,
or offer to pay or allow in any manner whatsoever to the insurance agent, insurance broker,
or managing general agent, or any employee of any of the aforesaid, or to any other person,
either as an inducement to the financing of any insurance contract with the premium finance
company, or, after any such contract has been financed, any rebate whatsoever, either from
the service charge for financing specified in the premium finance agreement or otherwise,
or shall give or offer to give any valuable consideration or inducement of any kind directly,
but a premium finance company may purchase or otherwise acquire a premium finance agreement,
provided that it conforms to the provisions of this chapter, in all respects, from another
premium finance company on such terms and conditions as may be mutually agreed upon....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-16.htm - 1K - Match Info - Similar pages
40-18-376
Section 40-18-376 Investment credit; realization methods; regulations. (a) If provided for
in the project agreement, the incentivized company is allowed an investment credit in an annual
amount equal to 1.5 percent of the capital investment incurred as of the beginning of the
incentive period, to be used as follows: (1) To offset the income taxes found in this chapter,
or as an estimated tax payment of income taxes; (2) To offset the financial institution excise
tax found in Chapter 16; (3) To offset the insurance premium tax levied by Section 27-4A-3(a),
or as an estimated payment of insurance premium tax; (4) To offset utility taxes; or (5) To
offset some combination of the foregoing, so long as the same credit is used only once. The
incentive period shall begin no earlier than the placed-in-service date. The incentive period
shall be 10 years. Should only some portion of a tax year be included in the incentive period,
the amount of the investment credit shall be prorated on a daily...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-376.htm - 7K - Match Info - Similar pages
27-12-12
Section 27-12-12 Life, annuity, and disability insurance - Agreements not expressed in contract,
rebates, and other inducements. (a) No person shall knowingly permit or offer to make, or
make, any contract of life insurance, annuity or disability insurance or agreement as to such
contract other than as plainly expressed in the contract issued thereon, or pay or allow,
or give or offer to pay, allow or give, directly or indirectly, as an inducement to such insurance
or annuity any rebate of premiums payable on the contract, or any special favor or advantage
in the dividends or other benefits thereon, or any paid employment or contract for services
of any kind, or any valuable consideration or inducement whatever not specified in the contract,
or, directly or indirectly, give, or sell, or purchase, or offer, or agree to give, sell,
purchase, or allow as inducement to such insurance or annuity or in connection therewith,
and whether or not to be specified in the policy or contract, any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-12.htm - 1K - Match Info - Similar pages
27-12-14
Section 27-12-14 Inducements as to property, casualty, or surety insurance. (a) No property,
casualty, or surety insurer, or any employee thereof, and no broker, agent, or solicitor 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 except to the extent provided for in rating systems filed
with the commissioner by, or on behalf of, the insurer and approved by the commissioner. (b)
No insured named in a policy nor any employee of such insured shall knowingly receive or accept,
directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium.
(c) Nothing in this section shall be construed as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-14.htm - 4K - Match Info - Similar pages
11-50A-8
Section 11-50A-8 Powers of the authority. In addition to other powers granted the authority
by this chapter, it shall have all powers consistent with the purposes of the authority as
set forth in Section 11-50A-3, which are necessary or convenient to carry out and effectuate
the purposes and provisions of this chapter, including, but without limiting the generality
of the foregoing, the following enumerated powers, which shall be exercised by the authority
consistently with the provisions of Section 11-50A-3: (1) To sue and be sued and to prosecute
and defend in any court having jurisdiction of the subject matter and of the parties thereto;
(2) To adopt and alter a corporate seal; (3) To make and alter at pleasure all needful bylaws,
rules, and regulations for the transaction of its business and the control of its property
and affairs; (4) To have the same right of eminent domain through condemnation conferred by
Section 10-5-1, or any subsequent statute of similar import; provided...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-8.htm - 13K - 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
27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
27-40-11
Section 27-40-11 Procedure for cancellation of insurance contract upon default. (a) When a
premium finance agreement contains a power of attorney enabling the premium finance company
to cancel any insurance contract or contracts listed in the agreement, the insurance contract
or contracts shall not be cancelled by the premium finance company unless such cancellation
is effectuated in accordance with this section. (b) Not less than 10-day written notice shall
be mailed to the insured, at his last known address as shown on the records of the premium
finance company, of the intent of the premium finance company to cancel the insurance contract
unless the default is cured within such 10-day period. (c) After the notice in subsection
(b) of this section has expired, the premium service company may thereafter request, in the
name of the insured, cancellation of such insurance contract by mailing to the insurer a notice
of cancellation, and the insurance contract shall be cancelled as if such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-11.htm - 2K - 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
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
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