|
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
27-7-7
Section 27-7-7 Licenses - Application - Generally; fees. Repealed by Act 2001-702, p. 1509,
ยง 6, effective January 1, 2002. (a) The commissioner shall not issue any license except upon
application therefor as in this chapter provided. Each applicant for a license shall file
annually with the commissioner his written application therefor signed by him and showing:
(1) His name, age and place of residence; (2) The kinds of insurance to be transacted under
the license and the insurer or insurers he proposes so to represent; (3) The person, firm
or corporation by whom he expects to be employed or associated with as such licensee and his
status as an officer or representative thereof; (4) Whether he proposes to write or solicit
insurance of his own risks and interest, or those of his relatives, any firm or corporation
in which he is financially interested or connected, directly or indirectly, or of his employer;
(5) A short business history of the applicant and the name and nature of any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-7.htm - 4K - 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
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
27-1-16
Section 27-1-16 Standard health insurance claim form; electronic claims form; various claim
forms. (a)(1) The Commissioner of the Department of Insurance shall prescribe a standard health
insurance claim form to be used by all hospitals. The forms shall be prescribed in a format
which allows for the use of generally accepted diagnosis and treatment coding systems by providers
of health care and payors. The standard form shall be accepted and used by all insurers doing
business in the State of Alabama and by all state agencies which pay providers of health care
for hospital services. (2) The Commissioner of the Department of Insurance shall also prescribe
a format for all health insurance claims transmitted or submitted for payment by electronic
or electro-mechanical means. Such a format shall be used by all insurers doing business in
the State of Alabama and by all state agencies which pay providers of health care for hospital
services. (b) An advisory committee of five persons, two...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-1-16.htm - 3K - Match Info - Similar pages
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and
other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive
insurance company or a protected cell captive insurance company shall be formed as a stock
or mutual insurer, or as a nonprofit or limited liability company with its capital divided
into units and held by the stockholders, members, or other equivalent as allowed by law. (b)
An association captive insurance company, an industrial insured captive insurance company,
or a risk retention group may be formed in any of the following ways: (1) Organized as a stock
insurer with its capital divided into share units and held by the stockholders, members, or
other equivalent as allowed by law. (2) Organized as a mutual insurer without capital stock,
the governing body of which is elected by the member organizations of its association. (3)
Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized
as a manager-managed limited liability company. (c) A captive insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-8.htm - 6K - Match Info - Similar pages
27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition of an insurer,
there shall be allowed as assets only such assets as are owned by the insurer and which consist
of: (1) Cash in the possession of the insurer or in transit under its control, and including
the true balance of any deposit in a solvent bank or trust company; (2) Investments, securities,
properties, and loans acquired, or held, in accordance with this title and in connection therewith
the following items: a. Interest due or accrued on any bond or evidence of indebtedness which
is not in default and which is not valued on a basis including accrued interest; b. Declared
and unpaid dividends on stock and shares, unless such amount has otherwise been allowed as
an asset; c. Interest due or accrued upon a collateral loan in an amount not to exceed one
year's interest thereon; d. Interest due or accrued on deposits in solvent banks and trust
companies, and interest due or accrued on other assets,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-1.htm - 4K - 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
27-9A-3
Section 27-9A-3 Independent adjuster defined; exclusions. (a) For purposes of this chapter,
an "independent adjuster" is a person who, for compensation as an independent contractor
or as an employee of an independent contractor, undertakes on behalf of an insurer to ascertain
and determine the amount of any claim, loss, or damage payable under a contract of property,
casualty, or workers' compensation insurance or to effect settlement of such claim, loss,
or damage. This chapter shall not be construed to permit persons not licensed as attorneys
to engage in activities constituting the practice of law. (b) An independent adjuster does
not include any of the following: (1) Attorneys-at-law admitted to practice in this state
when acting in their professional capacity as an attorney. (2) A salaried employee of an insurer.
(3) A person employed solely to obtain facts surrounding a claim or to furnish technical assistance
to a licensed independent adjuster. (4) An individual who is employed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-9A-3.htm - 4K - Match Info - Similar pages
|