8-32-8
Section 8-32-8 Cancellation of reimbursement insurance policy. To the extent applicable, an insurer that issued a reimbursement insurance policy shall not terminate the policy until a notice of termination in accordance with Chapter 40 of Title 27 has been mailed or delivered to the commissioner. The termination of a reimbursement insurance policy shall not reduce the issuer's responsibility for service contracts sold by providers which it insured prior to the date of the termination. (Acts 1997, No. 97-445, p. 753, ยง8.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-32-8.htm - 831 bytes - Match Info - Similar pages
8-32-3
Section 8-32-3 Requirements for selling or offering to sell service contracts. (a) Either the provider or its designee shall: (1) Provide a receipt for, or other written evidence of, the purchase of the service contract to the contract holder. (2) Provide a copy of the service contract to the service contract holder within a reasonable period of time from the date of purchase. (b) A provider may, but is not required to, appoint an administrator or other designee to be responsible for any or all of the administration of service contracts and compliance with this chapter. (c) Each provider of service contracts sold in this state shall file a registration with the commissioner on a form prescribed by the commissioner. Each provider shall pay to the commissioner a fee in the amount of two hundred dollars ($200) annually. All fees collected shall be paid into a special revolving fund to be set up by the State Treasurer referred to as the "Service Contract Revolving Fund." The Service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-32-3.htm - 8K - Match Info - Similar pages
8-33-6
Section 8-33-6 Conditions for policies. No warranty reimbursement insurance policy shall be issued, sold, or offered for sale in this state unless the policy meets the following conditions: (1) The policy states that the issuer of the policy will reimburse or pay on behalf of the vehicle protection product warrantor all covered sums which the warrantor is legally obligated to pay or will provide all service that the warrantor is legally obligated to perform according to the warrantor's contractual obligations under the provisions of the insured warranties sold by the warrantor. (2) The policy states that in the event payment due under the terms of the warranty is not provided by the warrantor within 60 days after proof of loss has been filed according to the terms of the warranty by the warranty holder, the warranty holder may file directly with the warranty reimbursement insurance company for reimbursement. (3) The policy provides that a warranty reimbursement insurance company that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-33-6.htm - 2K - Match Info - Similar pages
25-5-332
Section 25-5-332 Premium discount where drug-free workplace program implemented. (a) If an employer implements a drug-free workplace program substantially in accordance with this article, the employer shall qualify for certification for a five percent premium discount under the employer's workers' compensation insurance policy. (b) For each policy of workers' compensation insurance issued or renewed in the state on and after July 1, 1996, there shall be granted by the insurer a five percent reduction in the premium for the policy if the insured has been certified by the Department of Labor, Workers' Compensation Division, as having a drug-free workplace program which complies with the requirements of this article and has notified its insurer in writing of the certification. (c)(1) The premium discount provided by this section shall be applied to an insured's policy of workers' compensation insurance pro rata as of the date the insured receives certification by the Department of Labor,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-332.htm - 3K - Match Info - Similar pages
27-7-19
Section 27-7-19 Licenses - Penalties. (a) The commissioner may place on probation, refuse to issue or renew, suspend, or revoke the license of any licensee under this chapter, or may levy a civil penalty in accordance with subsection (c), or any combination of actions, for any one or more of the following causes: (1) Any cause for which issuance of the license could have been refused had it then existed and been known to the commissioner. (2) Providing incorrect, misleading, incomplete, or materially untrue information in any application or in any communication to the commissioner. (3) Obtaining or attempting to obtain a license through misrepresentation or fraud. (4) Intentionally misrepresenting the terms of any actual or proposed insurance contract or application for insurance. (5) Having admitted or been found to have committed any insurance unfair trade practice or fraud. (6) For inducing, persuading, or advising any policyholder to surrender or cause to be cancelled any policy of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-19.htm - 4K - Match Info - Similar pages
27-15-8.1
Section 27-15-8.1 Life insurance policy provisions - Maximum rates of interest on policy loans. (a) For purposes of this section the "published monthly average" means: (1) The Monthly Average of the Composite Yield on Seasoned Corporate Bonds as published by Moody's Investors Service, Inc., or any successor thereto; or (2) In the event that the Monthly Average of the Composite Yield on Seasoned Corporate Bonds is no longer published, a substantially similar average, established by regulation issued by the commissioner. (b)(1) Policies issued on or after May 15, 1981, shall provide for policy loan interest rates as follows: a. A provision permitting a maximum interest rate of not more than eight percent per annum; or b. A provision permitting an adjustable maximum interest rate established from time to time by the life insurer as permitted by law. (2) The rate of interest charged on a policy loan made under subdivision (1) of this subsection shall not exceed the higher of the following:...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-8.1.htm - 4K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-4.htm - 6K - 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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-1.htm - 7K - 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
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