reglab/housing_qa huggingface dataset:
AL Code § 27-40-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-9 - Service Charges; Prepayment of Obligation.

Section 27-40-9Service charges; prepayment of obligation. (a) For the purpose of this section, "consumer insurance premium finance agreement" means an insurance premium finance agreement as defined in Section 27-40-1 wherein the insurance contracts which are the subject of the premium finance agreement are for personal, family, or household purposes or where the premiums for those agreements are two thousand dollars ($2,000) or less. For the purpose of this section, "commercial premium finance agreement" means any insurance premium finance agreement other than a consumer premium finance agreement. (b) A premium finance company shall not charge, contract for, receive, or collect a service charge other than in accordance with the following provisions: (1) The service charge is to be computed on the balance of the premium due, after subtracting the down payment made by the insured in accordance with the premium finance agreement, from the effective date of the insurance for which the premiums are being advanced, to and including the date when the final installment of the premium finance agreement is payable. (2) The service charge per consumer insurance premium finance agreement shall be a maximum of nine dollars ($9) per one hundred dollars ($100) per annum plus an additional charge, which shall not exceed $15.00 per premium finance agreement, which additional charge need not be refunded. (3) The service charge for a commercial insurance premium finance agreement shall be as agreed to by the parties to the agreement. (c) Notwithstanding the provisions of any premium finance agreement, any insured may prepay the obligation in full at any time. In such event he shall receive a credit or refund under the rule of 78ths or the sum of the digits principle as follows: The amount of the refund or credit shall be as great a proportion of the finance charge originally contracted for as the sum of the periodic time balances of the debt scheduled to follow the date of prepayment bears to the sum of all the periodic time balances of the debt, both sums to be determined according to the scheduled payment originally contracted for. No refund of less than $1.00 need be made. If such prepayment is made by the debtor other than on a scheduled payment date, the nearest scheduled payment date shall be used in such computation. If, in addition to the service charge, an additional charge was imposed, such additional charge need not be refunded, nor taken into consideration in computing the credit refund. (Acts 1975, No. 1042, p. 2088, §9; Acts 1986, No. 86-400, p. 586, §1; Acts 1995, No. 95-309, p. 567, §1.)
AL Code § 27-40-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-10 - Delinquency and Cancellation Charges.

Section 27-40-10Delinquency and cancellation charges. A premium finance agreement may provide for the payment by the insured of the delinquency charge of $1.50 to a maximum of five percent of the delinquent installment which is in default for a period of five days or more. If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge of $5.00 in the case of a consumer insurance premium finance agreement and $15.00 in the case of a commercial insurance premium finance agreement. (Acts 1975, No. 1042, p. 2088, §10; Acts 1986, No. 86-400, p. 586, §1.)
AL Code § 27-40-11 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-11 - Procedure for Cancellation of Insurance Contract Upon Default.

Section 27-40-11Procedure for cancellation of insurance contract upon default. (a) When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless such cancellation is effectuated in accordance with this section. (b) Not less than 10-day written notice shall be mailed to the insured, at his last known address as shown on the records of the premium finance company, of the intent of the premium finance company to cancel the insurance contract unless the default is cured within such 10-day period. (c) After the notice in subsection (b) of this section has expired, the premium service company may thereafter request, in the name of the insured, cancellation of such insurance contract by mailing to the insurer a notice of cancellation, and the insurance contract shall be cancelled as if such notice of cancellation had been submitted by the insured himself, but without requiring the return of the insurance contract. The premium service company shall also mail a notice of cancellation to the insured at his last address as set forth in its records, and such mailing shall constitute sufficient proof of delivery. (d) All statutory, regulatory, and contractual restrictions providing that the insurance contract may not be cancelled unless notice is given to a governmental agency, mortgagee, or other third party shall apply where cancellation is effected under the provisions of this section. The insurer shall give the prescribed notice in behalf of itself or the insured to any governmental agency, mortgagee, or other third party on or before the second business day after the day it receives the notice of cancellation from the premium finance company and shall determine the effective date of cancellation taking into consideration the number of days' notice to complete the cancellation. (Acts 1975, No. 1042, p. 2088, §11.)
AL Code § 27-40-12 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-12 - Return of Gross Unearned Premiums Upon Cancellation of Contract.

Section 27-40-12Return of gross unearned premiums upon cancellation of contract. (a) Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross unearned premiums are due under the insurance contract to the premium finance company, either directly or via the agent or surplus lines broker placing the insurance, for the account of the insured or insureds as soon as reasonably possible, but in any event no later than 30 days after the effective date of cancellation. (b) In the event that the crediting of return premiums to the account of the insured results in a surplus over the amount due from the insured, the premium finance company shall refund the excess to the insured or the agent or surplus lines broker, within 30 days after receipt by the premium finance company with the check or draft made payable to the agent or surplus lines broker and to the insured, provided that no refund shall be required if it amounts to less than one dollar ($1). (Acts 1975, No. 1042, p. 2088, §12; Acts 1986, No. 86-400, p. 586, §1; Acts 1995, No. 95-309, p. 567, §1.)
AL Code § 27-40-13 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-13 - Filing of Agreement.

Section 27-40-13Filing of agreement. No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledges, encumbrances, successors, or assigns. (Acts 1975, No. 1042, p. 2088, §13.)
AL Code § 27-40-14 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-14 - Exclusive Jurisdiction of Department of Insurance.

Section 27-40-14Exclusive jurisdiction of Department of Insurance. When a premium finance company has complied with the licensing provisions of this chapter, it shall not be subject to any other licensing or regulatory agency of the State of Alabama other than the Department of Insurance. (Acts 1975, No. 1042, p. 2088, §14.)
AL Code § 27-40-15 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-15 - Premium Financed to Be Sent to Insurance Company, Agent, or Surplus Lines Broker; Issuance of Drafts, etc.; Duties With Respect to Cancellation.

Section 27-40-15Premium financed to be sent to insurance company, agent, or surplus lines broker; issuance of drafts, etc.; duties with respect to cancellation. (a) The amount of premium financed, more specifically referred to as "the principal balance" in paragraph c. of subdivision (3) of subsection (a) of Section 27-40-8, shall be sent to the insurance company or companies, or the agent or surplus lines broker. (b) All drafts, checks, or other orders of payment issued for premiums financed shall be issued by or on behalf of the premium finance company and shall be mailed, delivered, or otherwise transmitted directly to the insurance company or its agent, or surplus lines broker. Any check, draft, or other order or form of payment to any insurance agent, insurance broker, managing general agent, or other person, when issued shall be presumed to have been issued by the duly authorized agent of the premium finance company which provided the checks or drafts to the person issuing the same for the purpose of issuance of such instrument. (c) Notwithstanding anything to the contrary in this section, the insurance company shall not be relieved of any of its duties or responsibilities with respect to the cancellation of any insurance contract which is subject to the premium finance agreement. (Acts 1986, No. 86-400, p. 586, §2; Acts 1995, No. 95-309, p. 567, §1.)
AL Code § 27-40-16 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-16 - Payment of Rebates or Inducements Prohibited; Purchase of Premium Finance Agreement.

Section 27-40-16Payment 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. (Acts 1986, No. 86-400, p. 586, §3.)
AL Code § 27-40-17 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-17 - Notification of Existence of Premium Finance Agreement.

Section 27-40-17Notification of existence of premium finance agreement. Any premium finance company which enters into a premium finance agreement under this chapter shall notify the insurer whose premiums are being financed of the existence of the agreement within a reasonable period of time, not to exceed 30 days after the date the agreement is accepted by the premium finance company. (Acts 1986, No. 86-400, p. 586, §4; Acts 1995, No. 95-309, p. 567, §1.)
AL Code § 27-40-18 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-18 - Delivery of Copy of Premium Finance Agreement to Insured.

Section 27-40-18Delivery of copy of premium finance agreement to insured. Prior to the due date of the first installment payable under a premium finance agreement, the premium finance company holding the agreement shall deliver to the insured, or mail to him or her at his or her address as shown in the agreement, a copy thereof. (Acts 1986, No. 86-400, p. 586, §5.)
AL Code § 27-41-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-1 - Applicability of Chapter.

Section 27-41-1Applicability of chapter. Except as provided in Section 27-41-39, this chapter shall apply to all domestic insurers and health maintenance organizations. (Acts 1977, No. 408, p. 530, §1; Acts 1993, No. 93-675, p. 1240, §13.)
AL Code § 27-41-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-2 - Definitions.

Section 27-41-2Definitions. As used in this chapter, the following terms shall have the respective meanings herein set forth, unless the context shall otherwise require: (1) ALABAMA INSURANCE CODE. Title 27 of this code. (2) INSURER. The term shall have the meaning ascribed in Section 27-1-2 and shall include health maintenance organizations. (3) PERSON. The term shall have the meaning ascribed in Section 27-1-2. (4) COMMISSIONER and DEPARTMENT. The terms, respectively, shall have the meanings ascribed in Section 27-1-2. (5) INVESTMENT. Any asset owned by an insurer. (6) ELIGIBLE INVESTMENT. Any investment permitted by Sections 27-41-7 to 27-41-35, inclusive, provided the investment meets all the other requirements of this chapter. (7) DOMESTIC INSURER, FOREIGN INSURER, and ALIEN INSURER. The terms shall have the meanings ascribed in Section 27-1-2 and shall include health maintenance organizations. (8) ADMITTED ASSET. Any asset of an insurer permitted by the Commissioner of Insurance to be taken into account in any determination of the financial condition of the insurer. (Acts 1977, No. 408, p. 530, §2; Acts 1993, No. 93-675, p. 1240, §13.)
AL Code § 27-41-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-4 - General Requirements as to Eligibility of Investments.

Section 27-41-4General requirements as to eligibility of investments. No investment (other than in common stocks allowed under Section 27-41-17, in insurance stocks allowed under Section 27-41-18, in loans or investments allowed under Section 27-41-35, in real property allowed under Section 27-41-34, or in funeral supply inventories and equipment allowed under Section 27-41-38) shall be an eligible investment unless it is interest-bearing or interest-accruing or dividend or income-paying, is not then in default, and the insurer is entitled to receive for its account and benefit the interest or income accruing thereon. An investment may be eligible notwithstanding that part of the interest or income accruing thereon is paid by the insurer to a third party in consideration of services rendered by the third party with respect to the investment or that part of the interest or income accruing thereon is shared by the insurer with one or more joint venturers or others participating in the same investment. Any investment authorized may be deposited in a clearing corporation as defined in Section 7-8-102(3) or in a federal reserve bank under book-entry system. When such securities are so deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of such clearing corporation with any other securities deposited in such clearing corporation by any person, regardless of the ownership of such securities, and securities of small denominations may be merged into one or more certificates of larger denominations. Title to such securities may be transferred by bookkeeping entry on the books of such clearing corporation or federal reserve bank without physical delivery or certificates representing such securities. (Acts 1977, No. 408, p. 530, §4; Acts 1981, No. 81-541, p. 904, §4.)
AL Code § 27-41-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-5 - Authorization of Investments by Board of Directors, Etc.

Section 27-41-5Authorization of investments by board of directors, etc. An insurer shall not make any investment or loan exceeding 10 percent of the admitted assets of the insurer, other than loans on policies or annuity contracts, unless authorized, approved, or ratified by the board of directors of the insurer or by the committee or person as the board of directors shall expressly authorize. The action of the board of directors, the committee, or other persons so authorized shall be recorded and regular reports thereof shall be submitted to the board of directors. This requisite shall not apply to funeral supplies authorized for mutual aid associations under Section 27-41-38 which are purchased in the regular course of business under the general supervision of the association's board of directors. (Acts 1977, No. 408, p. 530, §5; Act 2012-370, p. 921, §1.)
AL Code § 27-41-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-6 - Limitations Upon Investments Generally.

Section 27-41-6Limitations upon investments generally. (a) An insurer shall not have at any one time any single investment or combination of investments in or loans upon the security of the obligations, property, or securities of any one person aggregating in cost to the insurer in excess of the greater of 10 percent of such insurer's assets or the total of its capital and surplus, as shown in the latest annual report of the insurer filed pursuant to subsection (a) of Section 27-3-26 of the Alabama Insurance Code, less the minimum capital and surplus required of said insurer for authority to transact insurance by Sections 27-3-7 and 27-3-8 of the Alabama Insurance Code. The restriction of this subsection shall not apply to evidences of indebtedness issued, assumed, or guaranteed by the United States of America or any department, agency, or instrumentality thereof or by any state of the United States. (b) An insurer shall at all times invest and maintain invested funds in cash and assets allowed in the following sections of this chapter in an amount not less than the capital required of it to transact insurance by Section 27-3-7 of the Alabama Insurance Code: (1) Section 27-41-7 (United States government obligations). (2) Section 27-41-9 (state, county, municipal, and school obligations). (3) Section 27-41-29 (mortgage loans). (c) An insurer shall at all times invest and maintain invested funds in cash and the investments prescribed in this chapter in an amount not less than the amount of the reserves under its policies and annuity contracts in force. (d) Limits as to investments shall apply as stated in specific sections relating to particular kinds of investments. (Acts 1977, No. 408, p. 530, §6.)
AL Code § 27-41-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-7 - Particular Investments - Bonds, Notes, etc., of United States.

Section 27-41-7Particular investments - Bonds, notes, etc., of United States. An insurer may invest in bonds, notes, warrants, debentures, and other evidences of indebtedness which are direct obligations of the United States of America for which the full faith and credit of the United States of America is pledged for the payment of principal and interest. (Acts 1977, No. 408, p. 530, §7.)
AL Code § 27-41-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-8 - Particular Investments - Loans Guaranteed by United States.

Section 27-41-8Particular investments - Loans guaranteed by United States. An insurer may invest in loans guaranteed as to principal and interest by the United States of America or by any agency or instrumentality of the United States of America to the extent of such guaranty. (Acts 1977, No. 408, p. 530, §8.)
AL Code § 27-41-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-9 - Particular Investments - Bonds, etc., of States or Counties, Municipalities, School Districts, etc., Therein Generally.

Section 27-41-9Particular investments - Bonds, etc., of states or counties, municipalities, school districts, etc., therein generally. An insurer may invest in bonds or other evidences of indebtedness which are general obligations of or are adequately secured as to both principal and interest by irrevocable pledge of specific revenues by this state or any other state of the United States or any county, incorporated city or town, or duly organized school district or other civil division, governmental unit, or public instrumentality of any such state. Obligations payable solely out of special assessments on properties benefited by local improvements shall not be eligible under this section. (Acts 1977, No. 408, p. 530, §9.)
AL Code § 27-41-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-10 - Particular Investments - Bonds, etc., Issued by States, Counties, Municipalities, etc., to Provide Funds for Public Projects, Etc.

Section 27-41-10Particular investments - Bonds, etc., issued by states, counties, municipalities, etc., to provide funds for public projects, etc. An insurer may invest in bonds and other evidences of indebtedness which are obligations of any state, county, city, town, village, municipality, district, or other political subdivision of any state or of any instrumentality or board thereof or of the United States of America issued to provide funds for public projects, or for refunding of bonds issued for such purposes, which are revenue producing and self-supporting if such obligations are secured by a lien on such revenues to pay principal and interest and the issuing body is required to charge adequate rates for the services so provided to pay all charges against the project, including principal and interest on all indebtedness outstanding against the project. (Acts 1977, No. 408, p. 530, §10.)
AL Code § 27-41-11 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-11 - Particular Investments - Bonds, etc., of Local Public Housing Authorities.

Section 27-41-11Particular investments - Bonds, etc., of local public housing authorities. An insurer may invest in bonds, debentures, or other evidences of indebtedness of local public housing authorities existing under the laws of the United States or of any state if such obligations are: (1) Secured by a pledge of annual contributions unconditionally payable under the annual contributions contract between the Department of Housing and Urban Development and the local agencies issuing the bonds; (2) Unconditionally guaranteed by the state, municipality, or political subdivision creating the authority, if the tax supported obligations of such state, municipality, or political subdivision so guaranteeing would be eligible for investment under this chapter; or (3) Secured by payments to be made sufficient to pay principal and interest on the bonds under an "assistance contract" between the local authority and the state, municipality, or other political subdivision creating the authority; provided, the tax supported obligations of the assisting state, municipality, or political subdivision would be eligible for investment under this chapter. (Acts 1977, No. 408, p. 530, §11.)