Alabama Administrative Code

All financial books, records and accounts necessary for the annual statement of an Alabama domestic insurer must be kept in a central location in Alabama in accordance with Section 27-27-29, Code of Alabama 1975. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-1…

The insurer shall provide, within ten (10) working days, any record or response requested in writing by any duly appointed deputy, assistant, employee or examiner of the commissioner. When the requested record or response is not produced or cannot be produced by the insurer withi…

If any provision of this chapter or the application thereof to any person or circumstances is for any reason held to be invalid, the remainder of the chapter and the application of its provisions to other persons or circumstances shall not be affected thereby. Author: Commissione…

This chapter shall be effective on October 1, 1999, upon its approval by the Commissioner of Insurance, and upon its having been on file as a public document in the office of the Secretary of State for ten days. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-11…

This chapter is adopted pursuant to Sections 27-2-17 and 27-12-21, Code of Ala. 1975. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-119-.01 New Rule: February 18, 2000; effective July 1, 2000. Amended: December 21, 2005; effective December 31, 2005. Filed with…

The purpose of this chapter is to place certain restrictions on loans obtained by insurance producers from their clients. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-119-.02 New Rule: February 18, 2000; effective July 1, 2000. Amended: December 21, 2005; eff…

No licensed insurance producer or broker may solicit, obtain or accept a loan from a person who is an existing or former client, except in the case of one of the following: (a) The person is acting in the capacity as an employee of a lending institution authorized by state or fed…

CLIENT. For the purposes of this chapter, "client" means any person who has purchased insurance from the producer or broker or who has been solicited for the purchase of insurance from the producer or broker, but does not include the relatives of the producer or broker, by blood …

A violation of this chapter shall be considered by the Commissioner to be a deceptive practice and the Commissioner may commence a proceeding pursuant to Section 27-12-21, Code of Ala. 1975. A violation of this chapter may also support an action for the suspension or revocation o…

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of its provisions to other persons or circumstances shall not be affected thereby. Author: Commissioner…

This chapter shall be effective upon its approval by the Commissioner of Insurance, and upon its having been on file as a public document in the office of the Secretary of State for ten (10) days. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-119-.07 New Rule:…

(1) The purpose of this chapter is to provide all of the following: (a) Tables of select mortality factors and rules for their use. (b) Rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits. (c) Rules concerning a minimum standard for t…

This chapter is adopted pursuant to Section 27-2-17, Code of Ala. 1975. This chapter shall be known and may be cited as the Alabama Valuation of Life Insurance Policies Regulation. Notes Ala. Admin. Code r. 482-1-120-.02 New Rule: February 18, 2000; effective March 1, 2000. Filed…

(1) This chapter shall apply to all life insurance policies, with or without nonforfeiture values, issued on or after the effective date of this chapter, subject to the following exceptions and conditions. (2) Exceptions: (a) This chapter shall not apply to any individual life in…

The following definitions shall apply for purposes of this Chapter: (a) Basic reserves. Reserves calculated in accordance with Section 27-36A-8, Code of Ala. 1975. (b) Contract segmentation method. The method of dividing the period from issue to mandatory expiration of a policy i…

(1) At the election of the company for any one or more specified plans of life insurance, the minimum mortality standard for basic reserves may be calculated using the 1980 CSO valuation tables with select mortality factors (or any other valuation mortality table adopted by the N…

(1) Basic Reserves. Basic reserves shall be calculated as the greater of the segmented reserves and the unitary reserves. Both the segmented reserves and the unitary reserves for any policy shall use the same valuation mortality table and selection factors. At the option of the i…

(1) General. (a) Policies with a secondary guarantee include any of the following:1. A policy with a guarantee that the policy will remain in force at the original schedule of benefits, subject only to the payment of specified premiums. 2. A policy in which the minimum premium at…

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of its provisions to other persons or circumstances shall not be affected thereby. Notes Ala. Admin. Co…

This chapter shall be effective on March 1, 2000, upon its approval by the Commissioner of Insurance, and upon its having been on file as a public document in the office of the Secretary of State for ten days. Notes Ala. Admin. Code r. 482-1-120-.09 New Rule: February 18, 2000; e…

Notes Ala. Admin. Code r. 482-1-121-.01

Notes Ala. Admin. Code r. 482-1-121-.02

Notes Ala. Admin. Code r. 482-1-121-.03

This regulation is adopted pursuant to Sections 27-2-17, 27-13-4, 27-13-30, 27-13-68, and 27-14-8, Code of Ala. 1975. This regulation shall be known and may be cited as the Rates and Forms Filing Requirements Regulation. Author: Elizabeth Bookwalter, Associate Counsel Notes Ala. …

The purpose of this regulation is to set forth the requirements to be followed by insurers and rating organizations in the filing of rates and policy forms for property and casualty insurance, with the desired result of improving the speed to market of policy forms and rates fili…

The following definitions shall apply for purposes of this regulation: (1) Commercial Lines. Commercial lines are all lines except personal lines. (2) Forms. Those forms required to be filed for approval pursuant to Section 27-14-8, Code of Ala. 1975. (3) File and Use System. A s…

(a) Property and Casualty insurance, commercial lines.(1) Generally. All rates and forms filings for the commercial lines of property and casualty insurance (other than workers compensation, medical malpractice, and any other type coverage involving a rate increase of 10% or more…

If any provision of this regulation or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the regulation and the application of its provisions to other persons or circumstances shall not be affected thereby. Author: Elizab…

All rules and regulations heretofore issued which are inconsistent with this regulation and the Bulletin dated March 30, 2001, are hereby superceded and repealed. Author: Elizabeth Bookwalter, Associate Counsel Notes Ala. Admin. Code r. 482-1-123-.06 New Rule: June 20, 2001; effe…

This regulation shall be effective upon its approval by the Commissioner of Insurance, and upon its having been on file as a public document in the office of the Secretary of State for ten days. Author: Elizabeth Bookwalter, Associate Counsel Notes Ala. Admin. Code r. 482-1-123-.…

This chapter is adopted under the authority of the Trade Practices Act, Sections 27-2-17, 27-1-17, 27-1-19, 27-12-21, 27-12-24, 27-15-13, 27-16-10, 27-17-11, 27-19-11 and 27-19-12, Code of Ala. 1975. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-124-.01 New Ru…

(1) The purpose of this chapter is to set forth minimum standards for the investigation and disposition of life, accident and health claims arising under policies or certificates issued pursuant to State law. It is not intended to cover claims involving workers' compensation nor …

In addition to the definitions contained in the Trade Practices Act and Section 27-1-2, Code of Ala. 1975, which are incorporated by reference, the following definitions shall apply for purposes of this chapter: (a) Beneficiary. The party entitled to receive the proceeds or death…

(1) Every insurer, upon receiving notification of a claim shall, within fifteen (15) days of the notification, mail or otherwise provide necessary claim forms, instructions or reasonable assistance so the claimant can properly comply with the insurer's reasonable requirements for…

Each insurer's claim files for policies or certificates are subject to examination by the Commissioner of Insurance or by the Commissioner's duly appointed designees. To aid in such examination: (a) The insurer shall maintain claim files that are accessible and retrievable for ex…

If any paragraph or a portion of a paragraph of this chapter or its applicability to any person or circumstance is held invalid by a court, the remainder of the regulation or the applicability of the provision to other persons or circumstances shall not be affected. Author: Commi…

This chapter shall be effective upon its approval by the Commissioner of Insurance and upon its having been on file as a public document in the office of the Secretary of State for ten days. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-124-.07 New Rule: May 2…

This chapter is adopted under the authority of the Insurance Trade Practices Act and Alabama Code Sections 27-2-17, 27-1-17, 27-1-19, 27-12-21, 27-12-24, 27-14-8, 27-14-11 and 27-14-9, Code of Ala. 1975. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-125-.01 Ne…

The purpose of this chapter is to set forth minimum standards for the investigation and disposition of property and casualty claims arising under contracts or certificates issued to residents of the State. It is not intended to cover claims involving workers' compensation, fideli…

In addition to the definitions contained in the Trade Practices Act and Section 27-1-2, Code of Ala. 1975, which are hereby incorporated by reference, the following definitions shall apply for purposes of this chapter: (a) Claimant. A first party claimant, a third party claimant,…

Each insurer's claim files for policies are subject to examination by the Commissioner of Insurance or by the Commissioner's duly appointed designees. To aid in such examination: (a) The insurer shall maintain claim files that are accessible and retrievable for examination. An in…

(1) No insurer shall deny a claim based on a first party claimant's failure to exhibit the damaged property without the proof of demand and of an unfounded refusal by the first party claimant to do so and unless the insurer has documented breach of relevant policy provisions in t…

(1) Every insurer, upon receiving notification of a first party claim from a first party claimant shall, within fifteen (15) days, acknowledge the receipt of such notice unless payment is made within that period of time. If an acknowledgement is made by means other than writing, …

(1) Within thirty (30) days, or the number of days specified in the policy, after receipt by the insurer of properly executed proofs of loss, the first party claimant shall be advised of the status of acceptance or denial of the claim by the insurer. No insurer shall deny a first…

(1) When the insurance policy provides for the adjustment and settlement of first party automobile total losses on the basis of actual cash value or replacement with another of like kind and quality, one of the following methods shall apply: (a) The insurer may elect to offer a r…

(1) When the policy provides for the adjustment and settlement of first party losses based on replacement cost, and a loss requires repair or replacement of an item or part, any consequential physical damage necessarily or reasonably incurred in making such repair or replacement …

If any paragraph or a portion of a paragraph of this chapter or its applicability to any person or circumstances is held invalid by a court, the remainder of the regulation or the applicability of the provision to other persons or circumstances shall not be affected. Author: Comm…

This chapter shall become effective upon its approval by the Commissioner of Insurance and upon its having been on file as a public document in the office of the Secretary of State for ten days. Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-125-.11 New Rule: M…

(1) This chapter establishes standards for developing and implementing administrative, technical and physical safeguards to protect the security, confidentiality and integrity of customer information, pursuant to Sections 501, 505(b), and 507 of the Gramm-Leach-Bliley Act, codifi…

This chapter is adopted pursuant to Sections 27-2-17 and 27-7-44, Code of Ala. 1975, and Title V of the Gramm-Leach-Bliley Act (15 U.S.C. §§ 6801 - 6827) (hereinafter "GLBA"). Author: Commissioner of Insurance Notes Ala. Admin. Code r. 482-1-126-.02 New Rule: May 6, 2003; effecti…