Title 27 — Title 27

Sections 27-6A-2 through 27-6A-8, inclusive, of this chapter may be cited as the “Alabama Managing General Agents Act.” History: (Acts 1993, No. 93-675, p. 1240, §9.)

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…

(a) No person, firm, association, or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless then licensed in this state as a managing general agent of the insurer. (b) No person, f…

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 res…

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 acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer. History: (Acts 1993, No. 93-675, p. 1240, §7.)

(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…

No insurer may continue to use the services of a managing general agent after midnight December 31, 1993, unless the insurer is in compliance with this chapter. History: (Acts 1993, No. 93-675, p. 1240, §9.)