41-15-5
Section 41-15-5 Basis upon which premiums charged generally; reinsurance. The net premium charged shall be based on the current commercial rate with not less than a 40 percent discount. The risk manager with the approval of the Director of Finance may purchase such reinsurance as may in the opinion of the risk manager, be necessary for the proper distribution of the risk. The risk manager shall collect such reinsurance upon any loss sustained and pay the same into the State Insurance Fund. (Acts 1923, No. 593, p. 769; Code 1923, §8543; Acts 1936-37, Ex. Sess., No. 219, p. 260; Acts 1939, No. 112, p. 144; Code 1940, T. 28, §321; Acts 1949, No. 675, p. 1045, §4; Acts 1967, No. 435, p. 1104; Acts 1990, No. 90-569, p. 966, §5.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-5.htm - 1K - 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
41-15-4
Section 41-15-4 Value for which state property to be insured; annual certification; gap coverage and gap plus coverage; survey of public property; sale or salvage of insured items. (a) All covered property, unless otherwise provided in this section, shall be insured for no more than its replacement cost and shall be insured for no less than 80 percent of its actual cash value. Replacement cost coverage may be provided with an amount of insurance as agreed upon by the proper insuring authority and the risk manager based upon a written statement of values. Replacement cost shall be the cost to repair or replace property with comparable materials of like kind and quality by generally accepted construction methods or technology to serve the same function as the lost or damaged property. No payment for a loss shall exceed the limit of the policy. (b) The officer or person having charge by law of insuring any public building, contents, machinery, and equipment shall annually certify to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-4.htm - 6K - Match Info - Similar pages
40-9-1
Section 40-9-1 Persons and property generally. The following property and persons shall be exempt from ad valorem taxation and none other: (1) All bonds of the United States and this state and all county and municipal bonds issued by counties and municipalities in this state, all property, real and personal, of the United States and this state and of county and municipal corporations in this state; all cemeteries, all property, real and personal, used exclusively for religious worship, for schools or for purposes purely charitable; provided, that property, real or personal, owned by any educational, religious or charitable institution, society or corporation let for rent or hire or for use for business purposes shall not be exempt from taxation, notwithstanding that the income from such property shall be used exclusively for education, religious or charitable purposes; all mortgages, together with the notes, debts and credits secured thereby on real and personal property situated in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-9-1.htm - 10K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-7.htm - 7K - Match Info - Similar pages
27-6A-2
Section 27-6A-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) INSURER. A person defined in subdivisions (2) and (3) of Section 27-1-2. (3) MANAGING GENERAL AGENT. Any person, firm, or association who does both of the following: a. Manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office. b. Acts as a producer for an insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-2.htm - 2K - Match Info - Similar pages
41-15-2
Section 41-15-2 Department of Finance to administer chapter; administrator of State Insurance Fund. The Department of Finance is hereby constituted and designated as the agency through which this chapter shall be administered, and the director of said department is empowered with such authority as may be necessary to carry out its purposes. The director of said department, with the approval of the Governor, may appoint a risk manager, as administrator of the State Insurance Fund, who is familiar with insurance customs and practices and is otherwise qualified by actual experience in the underwriting of risks and adjustment of losses, to assist the director of said department in carrying out the purpose of this chapter. The said risk manager shall install and keep an accurate system of accounting and statistical records and shall adjust losses, make appraisals of insured properties for insurance purposes, when necessary, and shall handle or supervise the handling of all other details...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-2.htm - 2K - Match Info - Similar pages
27-31A-4
Section 27-31A-4 Risk retention groups not chartered in this state. Risk retention groups chartered and licensed in states other than this state and seeking to do business as a risk retention group in this state shall comply with the laws of this state as follows: (1) NOTICE OF OPERATIONS AND DESIGNATION OF COMMISSIONER AS AGENT. a. Before offering insurance in this state, a risk retention group shall submit to the commissioner both of the following: 1. A statement identifying the state or states in which the risk retention group is chartered and licensed as a liability insurance company, charter date, its principal place of business, and other information, including information on its membership, as the commissioner of this state may require to verify that the risk retention group is qualified pursuant to subdivision (11) of Section 27-31A-2. 2. A copy of its plan of operations or feasibility study and revisions of the plan or study submitted to the state in which the risk retention...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-4.htm - 8K - Match Info - Similar pages
27-31A-2
Section 27-31A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) COMMISSIONER. The Insurance Commissioner of this state or the commissioner, director, or superintendent of insurance in any other state. (2) COMPLETED OPERATIONS LIABILITY. Liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by either of the following: a. Any person who performs that work. b. Any person who hires an independent contractor to perform that work, but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. (3) DOMICILE. For purposes of determining the state in which a purchasing group is domiciled: a. For a corporation, the state in which the purchasing group is incorporated. b. For an unincorporated entity, the state of its principal place of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-2.htm - 8K - Match Info - Similar pages
27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer, the association may, in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, and that are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure payment of the contractual obligations of the impaired insurer pending action under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies of the insolvent insurer. b. Assure payment of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
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