27-5A-8
Section 27-5A-8 Prohibited acts. The reinsurance intermediary-manager shall not: (1)
Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager
may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract
with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. The
guidelines shall include a list of reinsurers with which any automatic agreements are in effect,
and for each such reinsurer, the coverages and amounts or percentages that may be reinsured,
and commission schedules. (2) Commit the reinsurer to participate in reinsurance syndicates.
(3) Appoint any producer without assuring that the producer is lawfully licensed to transact
the type of reinsurance for which the producer is appointed. (4) Without prior approval of
the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds
the lesser of an amount specified by the reinsurer or one percent of...
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27-5A-7
Section 27-5A-7 Required contract provisions; reinsurance intermediary-managers. Transactions
between a reinsurance intermediary-manager and the reinsurer it represents in that capacity
shall only be entered into pursuant to a written contract, specifying the responsibilities
of each party, which shall be approved by the reinsurer's board of directors. At least 30
days before a reinsurer assumes or cedes business through a producer, a true copy of the approved
contract shall be filed with the commissioner for approval. The contract shall, at a minimum,
provide that: (1) The reinsurer may terminate the contract for cause upon written notice to
the reinsurance intermediary-manager. The reinsurer may immediately suspend the authority
of the reinsurance intermediary-manager to assume or cede business during the pendency of
any dispute regarding the cause for termination. (2) The reinsurance intermediary-manager
shall render accounts to the reinsurer accurately detailing all material...
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27-6A-4
Section 27-6A-4 Contract requirements. No person, firm, association, or corporation
acting in the capacity of a managing general agent shall place business with an insurer unless
there is in force a written contract between the parties that sets forth the responsibilities
of each party and where both parties share responsibility for a particular function, specifies
the division of such responsibilities, and that contains the following minimum provisions:
(a) The insurer may terminate the contract for cause upon written notice to the managing general
agent. The insurer may suspend the underwriting authority of the managing general agent during
the pendency of any dispute regarding the cause for termination. (b) The managing general
agent shall render accounts to the insurer detailing all transactions and remit all funds
due under the contract to the insurer on not less than a monthly basis. (c) All funds collected
for the account of an insurer will be held by the managing general agent...
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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;...
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27-5A-2
Section 27-5A-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACTUARY. A person who is a member in good standing of the American Academy of Actuaries. (2)
COMMISSIONER. The Alabama Commissioner of Insurance. (3) CONTROLLING PERSON. Any person, firm,
association, or corporation who directly or indirectly has the power to direct or cause to
be directed, the management, control, or activities of the reinsurance intermediary. (4) INSURER.
Any person, firm, association, or corporation duly licensed in this state pursuant to the
applicable provisions of the insurance law as an insurer. (5) LICENSED PRODUCER. An insurance
producer or reinsurance intermediary licensed pursuant to the applicable provision of the
insurance law. (6) QUALIFIED U.S. FINANCIAL INSTITUTION. An institution that: a. Is organized
or, in the case of a U.S. office of a foreign banking organization, licensed,...
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27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY.
A corporation, association, partnership, limited liability company, limited liability partnership,
or other legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE.
The District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section
27-1-2. (5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section
27-1-2. For the purposes of this chapter, insurer shall also mean an insurance company licensed
pursuant to Chapter 3, commencing with Section 27-3-1 of this title; a health...
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27-5A-9
Section 27-5A-9 Duties of reinsurers utilizing services of reinsurance intermediary-manager.
(a) A reinsurer shall not engage the services of any person, firm, association, or corporation
to act as a reinsurance intermediary-manager on its behalf unless such person is licensed
as required by subsection (b) of Section 27-5A-3. (b) The reinsurer shall annually
obtain a copy of statements of the financial condition of each reinsurance intermediary-manager
which such reinsurer has engaged prepared by an independent certified accountant in a form
acceptable to the commissioner. (c) If a reinsurance intermediary-manager establishes loss
reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy
of loss reserves established for losses incurred and outstanding on business produced by the
reinsurance intermediary-manager. This opinion shall be in addition to any other required
loss reserve certification. (d) Binding authority for all retrocessional...
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27-5A-3
Section 27-5A-3 Licensure. (a) No person, firm, association, or corporation shall act
as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker
maintains an office either directly, or as a member or employee of a firm or association,
or an officer, director, or employee of a corporation: (1) In this state, unless the reinsurance
intermediary-broker is a licensed producer in this state. (2) In another state, unless the
reinsurance intermediary-broker is a licensed producer in this state or another state having
a law substantially similar to this law or the reinsurance intermediary-broker is licensed
in this state as a nonresident reinsurance intermediary. (b) No person, firm, association,
or corporation shall act as a reinsurance intermediary-manager: (1) For a reinsurer domiciled
in this state, unless the reinsurance intermediary-manager is a licensed producer in this
state. (2) In this state, if the reinsurance intermediary-manager maintains an office...
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27-2-34
Section 27-2-34 Order of supervision - Appointment of supervisor; acts which may be
prohibited during period of supervision. During the period of supervision the commissioner
may appoint a supervisor and may provide that the insurer may not do the following things
during the period of supervision without the prior approval of the commissioner or his duly
appointed supervisors: (1) Dispose of, convey, or encumber any of its assets or its business
in force; (2) Withdraw any of its bank accounts; (3) Lend any of its funds; (4) Invest any
of its funds; (5) Transfer any of its property; (6) Incur any debt, obligation, or liability;
(7) Enter into any new reinsurance contract or treaty; (8) Issue to the public policies of
insurance. (Acts 1975, No. 217, p. 742, §2; Acts 1977, No. 409, p. 547, §3.)...
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28-3-42
Section 28-3-42 Administrator; annual report of board to Governor as to administration
of chapter; possession by officers, members, employees, etc., of board of liquor or malt or
brewed beverages for personal use. (a) The board shall appoint an administrator who, under
the supervision of the board, shall administer the provisions of this chapter. Before entering
upon the duties of his office, the administrator shall execute to the State of Alabama a bond,
to be approved by the Governor, in the amount of $25,000.00, for the faithful performance
of his duties. The premiums on the bond of the administrator shall be paid out of moneys derived
from any operation under the provisions of this chapter. The administrator, with the approval
of the board and subject to the provisions of the Merit System, shall appoint all necessary
clerks, stenographers, inspectors and chemists and other employees to enforce properly the
provisions of this chapter. No person shall be eligible for any appointment...
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