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2-17-24
Section 2-17-24 Conduct of investigations and requirement of reports as to organization, business,
practices, etc., of persons, firms, etc., engaged in intrastate commerce by commissioner;
access to copying, etc., of documentary evidence; powers of commissioner as to witnesses generally;
issuance of subpoenas and orders for taking of depositions; enforcement of subpoenas and orders
of commissioner, etc., generally; fees of witnesses, etc.; witnesses not to be excused from
testifying on grounds of self-incrimination; immunity from prosecution of witnesses as to
matters, etc., upon which compelled to testify. (a) The commissioner shall also have power:
(1) To gather and compile information concerning and to investigate from time to time the
organization, business, conduct, practices and management of any person, firm or corporation
engaged in intrastate commerce and the relation thereof to other persons, firms and corporations;
(2) To require, by general or special order, persons, firms...
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35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation,
joint stock company, investment company, partnership, unincorporated association, joint venture,
limited liability company, business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or other business entity consisting
of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-71.htm - 6K - Match Info - Similar pages
27-12A-20
Section 27-12A-20 Fraud warning. (a) A fraud warning shall be included on at least one of the
following: Claim release forms, applications, reinstatements for insurance, participation
agreements, declaration pages, and claim documents, regardless of the method or form of transmission
and shall contain the following statement or a substantially similar statement: "Any
person who knowingly presents a false or fraudulent claim for payment of a loss or benefit
or who knowingly presents false information in an application for insurance is guilty of a
crime and may be subject to restitution, fines, or confinement in prison, or any combination
thereof." (b) The lack of a statement required by subsection (a) shall not constitute
a defense in any prosecution for insurance fraud. (c) Policies issued by unauthorized insurers
shall contain a statement disclosing the status of the insurer to do business in the state
where the policy is delivered or issued for delivery or the state where coverage is...
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27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions; validity
of contracts. (a) No person shall in this state, directly or indirectly, act as agent for,
or otherwise represent or aid on behalf of another, any insurer not then authorized to transact
such insurance in this state in the solicitation, negotiation, or effectuation of insurance
or annuity contracts, forwarding of applications, delivery of policies or contracts, inspection
of risks, fixing of rates, investigation or adjustment of losses, collection of premiums,
or in any other manner in the transaction of insurance with respect to subjects of insurance
resident, located or to be performed in this state. (b) This section shall not apply to: (1)
Acceptance of service of process by the commissioner under Section 27-10-52; (2) Surplus lines
insurance or coverage specified in Section 27-10-34 and other transactions as to which a certificate
of authority is not required of an insurer; (3) Adjustment...
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27-13-20
Section 27-13-20 Definitions. For the purposes of this article, unless otherwise stated, the
following terms shall have the meanings respectively ascribed to them by this section. (1)
RATE. The unit charge by which the measure of exposure or the amount of insurance specified
in a policy of insurance or covered thereunder is multiplied to determine the premium. (2)
PREMIUM. The consideration paid, or to be paid, to an insurer for the issuance and delivery
of any binder or policy of insurance. (3) RATE-MAKING. The examination and analysis of every
factor and influence related to, and bearing upon, the hazard and risk made the subject of
insurance, the collection and collation of such factors and influences into rating systems
and the application of such rating systems to individual risks. (4) RATING SYSTEM. Every schedule,
class, classification, rule, guide, standard, manual, table, rating plan, policy, policy form,
or compilation, by whatever name described, containing the rates used by...
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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
27-13-60
Section 27-13-60 Definitions. For the purposes of this article, unless otherwise stated, the
following terms shall have the meanings respectively ascribed to them by this section: (1)
RATE. The unit charge by which the measure of exposure or the amount of insurance specified
in a policy of insurance or covered thereunder is multiplied to determine the premium. (2)
PREMIUM. The consideration paid or to be paid to an insurer for the issuance and delivery
of any binder or policy of insurance. (3) RATE-MAKING. The examination and analysis of every
factor and influence related to and bearing upon the hazard and risk made the subject of insurance;
the collection and collation of such factors and influences into rating plans; systems; and
the application of such rating systems to individual risks. (4) RATING PLAN. Every schedule,
class, classification, rule, guide, standard, manual, table, rating plan, policy, policy form,
or compilation by whatever name described, containing the rates used...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-60.htm - 2K - 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
27-7-1
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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27-2A-3
Section 27-2A-3 Materiality; scope; information to be reported. (a) Materiality. No acquisitions
or dispositions of assets need be reported, pursuant to Section 27-2A-2, if the acquisitions
or dispositions are not material. For purposes of this section, a material acquisition (or
the aggregate of any series of related acquisitions during any 30-day period) or disposition
(or the aggregate of any series of related dispositions during any 30-day period) is one that
is nonrecurring and not in the ordinary course of business and involves more than five percent
of the reporting insurer's total admitted assets as reported in its most recent statutory
statement filed with the insurance department of the insurer's state of domicile. (b) Scope.
(1) Asset acquisitions subject to this chapter include every purchase, lease, exchange, merger,
consolidation, succession, or other acquisition, other than the construction or development
of real property, by or for the reporting insurer or the...
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