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Alabama Statutes, Title 27

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Alabama/Statutes

← All Alabama coverage

Title 27

93 chapters · 1,453 sections in this title.

All chapters in Title 271,453 Ch 19, Disability Insurance Policies75 Ch 13, Rates and Rating Organizations65 Ch 27, Organization and Corporate Procedure…62 Ch 2, Department and Commissioner of Insurance57 Ch 34, Fraternal Benefit Societies53 Ch 15, Life Insurance and Annuity Contracts49 Ch 32, Rehabilitation, Reorganization, Cons…42 Ch 41, Investments of Domestic Insurers and…42 Ch 7, Property, Casualty and Surety Insura…40 Ch 14, The Insurance Contract35 Ch 3, Authorization of Insurers34 Ch 30, Mutual Aid Associations34 Ch 21A, Health Maintenance Organizations32 Ch 1, General Provisions30

13 sections·Filtered byTitle 27✕Ch 5A✕

Ala. Code § 27-5A-1 Short Title
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This chapter may be cited as the Alabama Reinsurance Intermediary Act. (Acts 1993, No. 93-673, p. 1215, §1.)
Ala. Code § 27-5A-10 Examination Authority
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(a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (b) A reinsurance intermediary-manager may be exam…
Ala. Code § 27-5A-11 Penalties and Liabilities
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(a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 27-2-28, to be in violation of this chapter, shall: (1) For each separate violation, pay a penalty in an amount not exceeding $5,000. (2) Be subje…
Ala. Code § 27-5A-12 Rules and Regulations
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The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. (Acts 1993, No. 93-673, p. 1215, §12.)

Ala. Code § 27-5A-13 Utilization of Services of Reinsurance Intermediary

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No insurer or reinsurer may continue to utilize the services of a reinsurance intermediary on and after May 17, 1993, unless utilization is in compliance with this chapter. (Acts 1993, No. 93-673, p. 1215, §15.)

Ala. Code § 27-5A-2 Definitions

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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) COMMISSIONER. The Alabama Commissioner of…

Ala. Code § 27-5A-3 Licensure

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(a) No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly, or as a member or employee of a firm or association, or an officer, director, or employee of a…

Ala. Code § 27-5A-4 Required Contract Provisions; Reinsurance Intermediary-Brokers

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Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that: (1) The insure…

Ala. Code § 27-5A-5 Books and Records; Reinsurance Intermediary-Brokers

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(a) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following: (1) The type of contract, limits, unde…

Ala. Code § 27-5A-6 Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker

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(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by subsection (a) of Section 27-5A-3. (b) An insurer may not employ an individual who …

Ala. Code § 27-5A-7 Required Contract Provisions; Reinsurance Intermediary-Managers

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Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer’s board of directors. At lea…

Ala. Code § 27-5A-8 Prohibited Acts

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The reinsurance intermediary-manager shall not: (1) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsur…

Ala. Code § 27-5A-9 Duties of Reinsurers Utilizing Services of Reinsurance Intermediary-Manager

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(a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-manager on its behalf unless such person is licensed as required by subsection (b) of Section 27-5A-3. (b) The reinsurer shall annually obtain a cop…