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27-6A-7
Section 27-6A-7 Penalties. (a) If the commissioner finds after a hearing conducted in accordance
with Section 27-2-28, that any person has violated this chapter, the commissioner may order:
(1) For each separate violation, a penalty in an amount of up to $5,000. (2) Revocation or
suspension of the managing general agent's license. (3) The managing general agent to reimburse
the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the
insurer caused by a violation of this chapter committed by the managing general agent. (b)
The decision, determination, or order of the commissioner pursuant to subsection (a) of this
section shall be subject to judicial review pursuant to Section 27-2-31. (c) No provision
of this section shall affect the right of the commissioner to impose any other penalties provided
for in the insurance law, rule, or regulation. (d) No provision of this chapter is intended
to or shall in any manner limit or restrict the rights of...
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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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27-7-7
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 Repealed by Act 2001-702, p. 1509,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...
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40-14B-1
Section 40-14B-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) AFFILIATE. An affiliate of another person shall include any of the following:
a. A person who directly or indirectly either: 1. Beneficially owns 15 percent or more of
the outstanding voting securities or other voting ownership interests of the other person,
whether through rights, options, convertible interests, or otherwise; or 2. Controls or holds
power to vote 15 percent or more of the outstanding voting securities or other voting ownership
interests of the other person. b. A person owning 15 percent or more of the outstanding voting
securities or other voting ownership interests of which are directly or indirectly either:
1. Beneficially owned by the other person, whether through rights, options, convertible interests,
or otherwise; or 2. Controlled or held with power to vote by the other person. c. A partnership
or limited liability company in which the other person...
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11-3-11.3
Section 11-3-11.3 Collection of local taxes - Department of Revenue. (a) Counties may, upon
request of the county commission, engage the Department of Revenue to collect and administer
any county sales, use, rental, lodgings, tobacco, or other local taxes for which there is
a corresponding state levy. Subject to subsections (d) and (e) below, the department shall
collect and administer a county sales, use, rental, lodgings, tobacco, or other tax for which
there is a corresponding state levy on behalf of the requesting county. Any county sales,
use, rental, or lodgings tax levy administered and collected by the Department of Revenue
pursuant to this section, whether the levy is imposed pursuant to the authority of Section
40-12-4, or any general, special, or local act of the Legislature, shall parallel the corresponding
state tax levy, except for the rate of tax, and shall be subject to all definitions, exceptions,
exemptions, proceedings, requirements, provisions, rules, regulations,...
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27-1-17
Section 27-1-17 Limitation periods for payment of claims; overdue claims; retroactive denials,
adjustments, etc.; penalties. (a) Each insurer, health service corporation, and health benefit
plan that issues or renews any policy of accident or health insurance providing benefits for
medical or hospital expenses for its insured persons shall pay for services rendered by Alabama
health care providers within 45 calendar days upon receipt of a clean written claim or 30
calendar days upon receipt of a clean electronic claim. If the insurer, health service corporation,
or health benefit plan is denying or pending the claim, the insurer, health service corporation,
or health benefit plan shall, within 45 calendar days for a written claim and 30 calendar
days for an electronic claim, notify the health care provider or certificate holder of the
reason for denying or pending the claim and what, if any, additional information is required
to process the claim. Any undisputed portion of the claim...
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27-6A-5
Section 27-6A-5 Duties of insurer. Insurers shall have the following duties: (1) The insurer
shall have on file an independent financial examination, in a form acceptable to the commissioner,
of each managing general agent with which it has done business. (2) If a managing general
agent establishes loss reserves, the insurer 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 managing general agent. This is in addition to any other required
loss reserve certification. (3) The insurer shall periodically, and at least semi-annually,
conduct an onsite review of the underwriting and claims processing operations of the managing
general agent. (4) Binding authority for all reinsurance contracts or participation in insurance
or reinsurance syndicate shall rest with an officer of the insurer, who shall not be affiliated
with the managing general agent. (5) Within 30 days of...
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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...
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27-40-16
Section 27-40-16 Payment of rebates or inducements prohibited; purchase of premium finance
agreement. No premium finance company and no employee of such a company shall pay, allow,
or offer to pay or allow in any manner whatsoever to the insurance agent, insurance broker,
or managing general agent, or any employee of any of the aforesaid, or to any other person,
either as an inducement to the financing of any insurance contract with the premium finance
company, or, after any such contract has been financed, any rebate whatsoever, either from
the service charge for financing specified in the premium finance agreement or otherwise,
or shall give or offer to give any valuable consideration or inducement of any kind directly,
but a premium finance company may purchase or otherwise acquire a premium finance agreement,
provided that it conforms to the provisions of this chapter, in all respects, from another
premium finance company on such terms and conditions as may be mutually agreed upon....
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27-29-10
Section 27-29-10 Violations and penalties; criminal proceedings. (a) Any insurer failing, without
just cause, to file any registration statement as required in this chapter shall be required,
after notice and hearing, to pay a penalty of up to one thousand dollars ($1,000) for each
day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid
into the state General Fund. The maximum penalty under this section is fifty thousand dollars
($50,000). The commissioner may reduce the penalty if the commissioner, in the commissioner's
sole discretion, determines it is equitable to do so or the insurer demonstrates to the commissioner
that the imposition of the penalty would constitute a financial hardship to the insurer. (b)
Every director or officer of an insurance holding company system who knowingly violates, participates
in, or permits any of the officers or agents of the insurer to engage in transactions or make
investments that have not been properly...
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