reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.05 - Request For Mediation

Current through Register Vol. 42, No. 9, June 28, 2024
If the claim has not been resolved within 21 days from the date
				of the Mediation Notice as required in Rule
				482-1-135-.04, an insured or the
				insurer may request mediation by calling the Alabama Department of Insurance
				Consumer Services Division at 334-241-4143; by faxing a request to the
				Department at 334-240-4409; or by mail directed to: Consumer Services Division,
				201 Monroe Street, Suite 1700, Montgomery, Alabama 36130-3351. The Department
				shall notify the insurer within 48 hours of the Department's receipt of a
				request. The insured will provide the following information to the Department,
				if known:
(a) Name, address, and
			 daytime telephone number of the insured and location of the property if
			 different from the address given.
(b) The claim and policy number for the
			 insured.
(c) A brief description of
			 the nature of the dispute.
(d) The
			 name of the insurer and the name, address and phone number of the contact
			 person for scheduling mediation.
(e) Information with respect to any other
			 policies of insurance that may provide coverage of the insured property for
			 named perils such as flood or windstorm.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.06 - Scheduling Of Mediation

Current through Register Vol. 42, No. 9, June 28, 2024
The Department will select a mediator and schedule the
				mediation conference, both subject to the approval of the parties. The
				Department will attempt to facilitate reduced travel and expense to the parties
				and the mediator when selecting a mediator and scheduling the mediation
				conference. The Department shall confer with the mediator and obtain the
				approval of all parties prior to scheduling a mediation conference. The
				conference shall be scheduled on a mutually convenient date for the parties,
				not greater than 60 days from the date the Department received the request for
				the mediation unless the parties agree to a later date. The Department shall
				notify each party in writing of the agreed upon date, time and place of the
				mediation conference at least 10 days prior to the date of the conference. The
				insurer shall notify the Department as soon as possible after settlement of any
				claim that is scheduled for mediation pursuant to this chapter.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.08 - Post Mediation

Current through Register Vol. 42, No. 9, June 28, 2024
Within 5 days of the conclusion of the conference the mediator
				shall file with the Department a mediator's status report indicating whether or
				not the parties reached a settlement. If the parties reached a settlement, the
				mediator shall include a copy of the settlement agreement with the status
				report. The insured shall have 3 business days within which he or she may
				rescind any settlement agreement provided that the insured has not cashed or
				deposited any check or draft disbursed to him or her for the disputed matters
				as a result of the conference. In order to rescind the settlement, the insured
				must return the check or draft to the insurer. Any other rights the insured or
				insurer may have under the policy or at law shall not be effected by the
				insured's decision not to participate in this claims resolution process or by
				the parties lack of success in resolving the claim under this process.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.09 - Insurer Mediation Program

Current through Register Vol. 42, No. 9, June 28, 2024
In place of the mediation required by this Chapter, an insurer
				may submit its own alternative dispute resolution program to the Commissioner
				for approval. If approved the insurer would not otherwise be subject to this
				Chapter.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.10 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If a court holds any paragraph or portion of a paragraph of
				this chapter or the applicability thereof to any person or circumstance
				invalid, the remainder of the chapter shall not be affected thereby.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.11 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become effective ten (10) days from the date
				of certification that the properly executed chapter was delivered to the
				Secretary of State.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-136 - NOTICE REQUIREMENTS FOR COVERAGE RESTRICTIONS OF EXISTING POLICIES AT RENEWAL AND FOR NON-RENEWAL OF COVERAGE › Section 482-1-136-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted pursuant to Section
				27-2-17,
Code of Ala.
				1975
.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-136 - NOTICE REQUIREMENTS FOR COVERAGE RESTRICTIONS OF EXISTING POLICIES AT RENEWAL AND FOR NON-RENEWAL OF COVERAGE › Section 482-1-136-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to require insurers, under
				certain circumstances, to provide notice of a proposed coverage restriction to
				be imposed at renewal, or a non-renewal of coverage, as defined herein, so that
				policyholders have time to shop for alternative coverage if so
				desired.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-136 - NOTICE REQUIREMENTS FOR COVERAGE RESTRICTIONS OF EXISTING POLICIES AT RENEWAL AND FOR NON-RENEWAL OF COVERAGE › Section 482-1-136-.03 - Applicability And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter applies to all authorized insurers providing
				property insurance in the state of Alabama for residential and/or commercial
				properties.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-136 - NOTICE REQUIREMENTS FOR COVERAGE RESTRICTIONS OF EXISTING POLICIES AT RENEWAL AND FOR NON-RENEWAL OF COVERAGE › Section 482-1-136-.04 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
As used in this chapter, these words and terms have the
				following meanings, unless the context clearly indicates otherwise.
(a) COMMISSIONER. The Alabama Commissioner of
			 Insurance.
(b) COVERAGE
			 RESTRICTION. Any imposition of a wind exclusion or hurricane deductible, or
			 increasing an existing hurricane deductible, where the restriction applies to a
			 category or group of existing insureds at renewal and is not a result of prior
			 claims history.
(c) INSURER. An
			 insurer, as defined in Section
			 27-1-2, authorized to provide
			 property insurance on risks located in the state of Alabama.
(d) NON-RENEWAL OF COVERAGE. The decision by
			 an insurer to non-renew coverage to a category or group of existing insureds
			 based upon the insurer's desire to reduce its exposure to a potential
			 catastrophic event, including but not limited to a hurricane.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-136 - NOTICE REQUIREMENTS FOR COVERAGE RESTRICTIONS OF EXISTING POLICIES AT RENEWAL AND FOR NON-RENEWAL OF COVERAGE › Section 482-1-136-.05 - Notice Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Every
			 insurer shall provide written notice of a coverage restriction and of a
			 non-renewal of coverage, as defined herein, to the Commissioner no less than
			 one hundred and fifty (150) days prior to the effective date of the proposed
			 coverage restriction or non-renewal of coverage. The notice shall include the
			 types of policies, the type of restriction or restrictions, whether the
			 policies in their entirety are being non-renewed, the category or group of
			 policyholders to be affected, the number of policyholders to be affected, and
			 the names of the Alabama counties in which policyholders to be affected
			 reside.
(2) Every insurer shall
			 provide written notice of a coverage restriction, as defined herein, to the
			 named insured on a policy receiving a coverage restriction no less than one
			 hundred and twenty (120) days prior to the date of renewal and written notice
			 of a non-renewal of coverage, as defined herein, no less than one hundred and
			 twenty (120) days prior to the date the policy is set to expire.
(3) The notice requirements set forth in
			 paragraphs (1) and (2) of this section apply each time an insurer makes a
			 decision to impose a coverage restriction and/or non-renew coverage to a
			 separate and/or additional category or group of existing insureds pursuant to
			 this Chapter.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-136 - NOTICE REQUIREMENTS FOR COVERAGE RESTRICTIONS OF EXISTING POLICIES AT RENEWAL AND FOR NON-RENEWAL OF COVERAGE › Section 482-1-136-.06 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any portion of this chapter or its applicability to any
				person or circumstance is held invalid by a court, the remainder of the chapter
				or the applicability of the provision to other persons or circumstances shall
				not be affected.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-136 - NOTICE REQUIREMENTS FOR COVERAGE RESTRICTIONS OF EXISTING POLICIES AT RENEWAL AND FOR NON-RENEWAL OF COVERAGE › Section 482-1-136-.07 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
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
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is issued under the authority of Sections
				27-2-17 and
				27-12-1,
et
seq
.,
Code of
				Ala. 1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The purpose of
			 this chapter is to require producers, as defined in this chapter, to act in the
			 best interest of the consumer when making a recommendation of an annuity and to
			 require insurers to establish and maintain a system to supervise
			 recommendations so that the insurance needs and financial objectives of
			 consumers at the time of the transaction are effectively addressed.
(2) Nothing herein shall be construed to
			 create or imply a private cause of action for a violation of this chapter or to
			 subject a producer to civil liability under the best interest standard of care
			 outlined in Rule
			 482-1-137-.06 or under standards
			 governing the conduct of a fiduciary or a fiduciary relationship.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
				  seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.03 - Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall apply to any sale or recommendation of an
				annuity.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
				  seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.04 - Exemptions

Current through Register Vol. 42, No. 9, June 28, 2024
Unless otherwise specifically included, this chapter shall not
				apply to transactions involving:
(a)
			 Direct response solicitations where there is no recommendation based on
			 information collected from the consumer pursuant to this chapter.
(b) Contracts used to fund any of the
			 following:
1. An employee pension or welfare
			 benefit plan that is covered by the Employee Retirement and Income Security Act
			 (ERISA).
2. A plan described by
			 Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the Internal Revenue Code
			 (IRC), as amended, if established or maintained by an employer.
3. A government or church plan defined in
			 Section 414 of the IRC, a government or church welfare benefit plan, or a
			 deferred compensation plan of a state or local government or tax-exempt
			 organization under Section 457 of the IRC.
4. A nonqualified deferred compensation
			 arrangement established or maintained by an employer or plan sponsor.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.05 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
The following definitions shall also apply in this
				chapter:
(a) ANNUITY. An annuity that
			 is an insurance product under state law that is individually solicited, whether
			 the product is classified as an individual or group annuity.
(b) CASH COMPENSATION. Any discount,
			 concession, fee, service fee, commission, sales charge, loan, override, or cash
			 benefit received by a producer in connection with the recommendation or sale of
			 an annuity from an insurer, intermediary, or directly from the
			 consumer.
(c) CONSUMER PROFILE
			 INFORMATION. Information that is reasonably appropriate to determine whether a
			 recommendation addresses the consumer's financial situation, insurance needs
			 and financial objectives, including, at a minimum, all of the following:
1. Age.
2. Annual income.
3. Financial situation and needs, including
			 debts and other obligations.
4.
			 Financial experience.
5. Insurance
			 needs.
6. Financial
			 objectives.
7. Intended use of the
			 annuity.
8. Financial time
			 horizon.
9. Existing assets or
			 financial products, including investment, annuity and insurance
			 holdings.
10. Liquidity
			 needs.
11. Liquid net
			 worth.
12. Risk tolerance,
			 including but not limited to, willingness to accept non-guaranteed elements in
			 the annuity.
13. Financial
			 resources used to fund the annuity.
14. Tax status.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.06.1 - Producer Training

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A producer
			 shall not solicit the sale of an annuity product unless the producer has
			 adequate knowledge of the product to recommend the annuity and the producer is
			 in compliance with the insurer's standards for product training. A producer may
			 rely on insurer-provided product-specific training standards and materials to
			 comply with this paragraph.
(2)
(a)
1. A
			 producer who engages in the sale of annuity products shall complete a one-time
			 four (4) credit training course approved by the department of insurance and
			 provided by the department of insurance-approved education provider.
2. Producers who hold a life insurance line
			 of authority on the effective date of this regulation and who desire to sell
			 annuities shall complete the requirements of this subsection within six (6)
			 months after the effective date of this regulation. Individuals who obtain a
			 life insurance line of authority on or after the effective date of this
			 regulation may not engage in the sale of annuities until the annuity training
			 course required under this subsection has been completed.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.07 - Compliance Mitigation; Penalties; Enforcement

Current through Register Vol. 42, No. 9, June 28, 2024
(1) An insurer is responsible for compliance
			 with this chapter. If a violation occurs, either because of the action or
			 inaction of the insurer or its producer, the commissioner may order any of the
			 following:
(a) An insurer to take reasonably
			 appropriate corrective action for any consumer harmed by a failure to comply
			 with this chapter by the insurer, an entity contracted to perform the insurer's
			 supervisory duties, or by the producer.
(b) A general agency, independent agency or
			 the producer to take reasonably appropriate corrective action for any consumer
			 harmed by the producer's violation of this chapter.
(c) Appropriate penalties and
			 sanctions.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.08 - Recordkeeping

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Insurers,
			 general agents, independent agencies and producers shall maintain or be able to
			 make available to the commissioner records of the information collected from
			 the consumer, disclosures made to the consumer, including summaries of oral
			 disclosures, and other information used in making the recommendations that were
			 the basis for insurance transactions for three (3) years after the insurance
			 transaction is completed by the insurer. An insurer is permitted, but shall not
			 be required, to maintain documentation on behalf of a producer.
(2) Records required to be maintained by this
			 chapter may be maintained in paper, photographic, microprocess, magnetic,
			 mechanical or electronic media or by any process that accurately reproduces the
			 actual document.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
				  seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.09 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any portion of this chapter or its applicability to any
				person or circumstance is held invalid by a court, the remainder of the chapter
				or the applicability of the provision to other persons or circumstances shall
				not be affected.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Section 482-1-137-.10 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall be effective January 1, 2022, 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
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
				  seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Appendix A

Current through Register Vol. 42, No. 9, June 28, 2024
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				view image
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				view image
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				view image
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
				  seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Appendix B

Current through Register Vol. 42, No. 9, June 28, 2024
Click to
				view image
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
				  seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-137 - SUITABILITY PROTECTION IN ANNUITY TRANSACTIONS › Appendix C

Current through Register Vol. 42, No. 9, June 28, 2024
Click to
				view image
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-12-1,
et
				  seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is promulgated by the Commissioner of Insurance
				pursuant to Sections
				27-2-17, and
				27-31B-17,
Code of
				Ala. 1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.02 - Purpose And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to set forth the financial and
				reporting requirements which the Commissioner deems necessary for the
				regulation of captive insurance companies, as authorized by Sections
				27-31B-1,
et
seq
.,
Code of
				Ala. 1975
. Reference hereunder to "company" shall mean captive
				insurance company or companies, unless otherwise specified.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.03 - Annual Reporting Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) An association captive insurance company
			 doing business in this state shall annually submit to the commissioner a report
			 of its financial condition, verified by oath of two of its executive officers.
			 The report shall be that required by Section 27-31 B-9,
Code of
			 Ala. 1975
.
(2) A pure
			 or industrial insured captive insurance company doing business in this state
			 shall annually submit to the commissioner a report of its financial condition,
			 verified by oath of two of its executive officers. The report shall be that
			 prescribed by the commissioner as "Captive Annual Statement: Pure or Industrial
			 Insured".
(3) Association and
			 industrial insured captives having direct premiums written of less than
			 $1,200,000 in any calendar year and less than 1,000 policyholders or
			 certificate holders at the end of the calendar year or assumed premiums
			 pursuant to contracts and/or treaties of reinsurance of $1,200,000 or less may
			 make written application to the Commissioner seeking approval for the use of an
			 alternative financial reporting format other than that specified in Section
			 27-3-26,
Code of Ala.
			 1975
and Ala. Admin. Code 482-1-097. Any association or industrial
			 insured captive utilizing the Federal Liability Risk Retention Act to write or
			 reinsure business either directly or indirectly outside the State of Alabama
			 shall not be granted approval for the use of an alternative reporting
			 format.
(4) A captive risk
			 retention group doing business in this state shall submit to the commissioner a
			 report of its financial condition, verified by oath of two of its executive
			 officers, on the same basis as a casualty insurer organized and licensed in
			 this state and in accordance with
			 482-1-097-.04 and
			 482-1-097-.05.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.05 - Designation Of Independent Certified Public Accountant

Current through Register Vol. 42, No. 9, June 28, 2024
Companies, after becoming subject to this chapter, shall within
				ninety (90) days provide a written report to the commissioner indicating the
				name and address of the independent certified public accountant retained to
				conduct the annual audit set forth in this chapter.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.06 - Notification Of Adverse Financial Condition

Current through Register Vol. 42, No. 9, June 28, 2024
A company shall require the certified public accountant to
				immediately notify in writing an officer and all members of the Board of
				Directors of the company of any determination by the independent certified
				public accountant that the company has materially misstated its financial
				condition in its report to the commissioner. The company shall furnish such
				notification to the commissioner within five (5) working days of receipt
				thereof.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.07 - Availability And Maintenance Of Working Papers Of The Independent Certified Public Accountant

Current through Register Vol. 42, No. 9, June 28, 2024
Each company shall require the independent certified public
				accountant to make available for review by the commissioner or his appointed
				agent the work papers prepared in the conduct of the audit of the company. The
				company shall require that the accountant retain the audit work papers for a
				period of not less than five (5) years after the period reported upon. The
				aforementioned review by the commissioner shall be considered investigations
				and all work papers obtained during the course of such investigations shall be
				confidential. The company shall require that the independent certified public
				accountant provide photocopies of any of the work papers which the Department
				of Insurance considers relevant. These work papers may be retained by the
				Department. "Work Papers" as referred to in this rule include, but are not
				necessarily limited to, schedules, analyses, reconciliations, abstracts,
				memoranda, narratives, flow charts, copies of company records or other
				documents prepared or obtained by the accountant and his or her employees in
				the conduct of their examination of the company.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.08 - Deposit Requirement

Current through Register Vol. 42, No. 9, June 28, 2024
Whenever the commissioner deems that the financial condition of
				the company warrants additional security, the commissioner may require a
				company to deposit with the Treasurer of this state cash or securities approved
				by the commissioner or, alternatively, to furnish the commissioner a clean,
				irrevocable letter of credit issued by a bank chartered by the State of Alabama
				or a member bank of the Federal Reserve System and approved by the
				commissioner. The company may receive interest or dividends from said deposit
				or exchange the deposits for others of equal value with the approval of the
				commissioner. If the company discontinues business, the commissioner shall
				return such deposit only after being satisfied that all obligations of the
				company have been discharged.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.09 - Organizational Examination

Current through Register Vol. 42, No. 9, June 28, 2024
In addition to processing of the application, an organizational
				investigation or examination may be performed before an applicant is licensed.
				Such investigation or examination shall consist of a general survey of the
				company's corporate records, including charter, bylaws and minute books;
				verification of capital and surplus; verification of principal place of
				business; determination of assets and liabilities; and a review of such other
				factors as the commissioner deems necessary.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.10 - Reinsurance

Current through Register Vol. 42, No. 9, June 28, 2024
Any captive insurance company authorized to do business in this
				state may take credit for reserves on risks ceded to a reinsurer subject to the
				following limitations:
(a) No credit
			 shall be allowed for reinsurance where the reinsurance contract does not result
			 in the complete transfer of the risk or liability to the reinsurer.
(b) No credit shall be allowed, as an asset
			 or a deduction from liability, to any ceding insurer for reinsurance unless the
			 reinsurance is payable by the assuming insurer on the basis of the liability of
			 the ceding insurer under the contract reinsured without diminution because of
			 the insolvency of the ceding insurer. Reinsurance under this section shall be
			 effected through a written agreement of reinsurance setting forth the terms,
			 provisions and conditions governing such reinsurance. The commissioner in his
			 discretion may require that complete copies of all reinsurance treaties and
			 contracts be filed and/or approved by him.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.11 - Insurance Managers And Intermediaries

Current through Register Vol. 42, No. 9, June 28, 2024
No person shall, in or from within this state, act as an
				insurance manager, broker, agent, salesman, or reinsurance intermediary for
				captive business without the authorization of the commissioner. Application for
				such authorization must be on a form prescribed by the commissioner.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.12 - Directors

Current through Register Vol. 42, No. 9, June 28, 2024
Every company shall report to the commissioner within thirty
				(30) days after any change in its executive officers or directors, including in
				its report a statement of the business and professional affiliations of any new
				executive officer or director. No director, officer, or employee of a company
				shall, except on behalf of the company, accept, or be the beneficiary of, any
				fee, brokerage, gift, or other emolument because of any investment, loan,
				deposit, purchase, sale, payment or exchange made by or for the company but
				such person may receive reasonable compensation for necessary services rendered
				to the company in his or her usual private, professional or business capacity.
				Any profit or gain received by or on behalf of any person in violation of this
				rule shall inure to and be recoverable by the company. Reports concerning
				captive risk retention groups shall be in compliance with Chapter
				482-1-142.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.13 - Conflict Of Interest

Current through Register Vol. 42, No. 9, June 28, 2024
Each company chartered in this state is required to adopt a
				conflict of interest statement for officers, directors and key employees. The
				statement shall disclose that the individual has no outside commitments,
				personal or otherwise, that would divert the individual from his or her duty to
				further the interests of the company he or she represents but this shall not
				preclude the individual from being a director or officer in more than one
				insurance company. Each officer, director, and key employee shall file such
				disclosure with the Board of Directors yearly.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.14 - Rescission Of Captive License

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 The commissioner may, subject to the provisions of this rule, by order rescind
			 the license of the company for any of the following:
(a) If the company has not commenced business
			 according to its plan of operation within two(2) years of being
			 licensed.
(b) If the company ceases
			 to carry on insurance business in or from within Alabama.
(c) At the request of the company.
(d) For any reason provided in Sections
			 27-31B-1,
et
seq
.,
Code of
			 Ala. 1975
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.15 - Acquisition Of Control Of Or Merger With Domestic Company

Current through Register Vol. 42, No. 9, June 28, 2024
No person other than the issuer shall make a tender offer of or
				a request or invitation for tenders of, or enter into any agreement to exchange
				securities for, seek to acquire, or acquire in the open market or otherwise,
				any voting security of a domestic company if, after the consummation thereof,
				the person would, directly or indirectly (or by conversion or by exercise of
				any right to acquire) be in control of the company; and no person shall enter
				into an agreement to merge with or otherwise to acquire control of a domestic
				company without the prior written approval of the commissioner. In considering
				any application for acquisition of control or merger with a domestic company,
				the commissioner shall consider all of the facts and circumstances surrounding
				the application as well as the criteria for establishment of a company set out
				in this chapter.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.16 - Change Of Business

Current through Register Vol. 42, No. 9, June 28, 2024
Any change in the nature of the captive business from that
				stated in the company's plan of operation filed with the commissioner upon
				application requires prior approval from the commissioner. Any change in any
				other information filed with the application must be filed with the
				commissioner but does not require prior approval.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.17 - Surplus

Current through Register Vol. 42, No. 9, June 28, 2024
A captive insurer's initial free surplus is the minimum
				additional assets required of a captive insurer over and above the minimum
				required basic surplus for the lines of insurance authorized to be
				written.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.17.1 - Captive Risk Retention Groups

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In addition to any requirements in
Code of Ala. 1975
, Sections §§
								27-31B-1, et. seq., Alabama
			 domiciled risk retention groups formed as captives are subject to the following
			 chapters and sections of the Alabama Insurance Code, Title 27,
Code
			 of Ala. 1975
:
(a) The following
			 sections in Chapter 2, Examinations:
1.
										§
										27-2-20. Examinations - Power
			 Generally.
2.
										§
										27-2-22. Examinations -
			 Examiners.
3.
										§
										27-2-23. Examinations - How
			 Conducted.
4.
										§
										27-2-24. Examinations - Report;
			 confidentiality of information.
5.
										§
										27-2-26. Witnesses and evidence
			 for examination, investigation or hearing - Generally.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.18 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter, or the application thereof to
				any person or circumstance, is held invalid, such determination shall not
				affect other provisions or applications of this chapter which can be given
				effect without the invalid provision or application, and to that end the
				provisions of this chapter are severable.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.19 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
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
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17;
				  27-7-43,
				  27-31B-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-138 - CAPTIVE INSURERS › Section 482-1-138-.20 - Captive Insurer Application And License Fees

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The Commissioner of Insurance hereby sets
			 the following fees as are declared necessary for the administration and
			 enforcement of Chapter 3lB of Title 27,
Code of Ala.
			 1975
, relating to the regulation of captive insurers, adjusted
			 according to
Code of Ala. 1975
, §
								41-1-11:
(a) Application fee $240.00
(b) License fee, initial and annual renewal.
			 $360.00
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-139 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 482-1-139-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is promulgated by the Commissioner of Insurance
				pursuant to Sections
				27-2-17 and
				27-36A-1 to
				27-36A-20,
Code of
				Ala. 1975
.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-139 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 482-1-139-.02 - Purpose And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to recognize, permit and
				prescribe the use of mortality tables that reflect differences in mortality
				between preferred and standard lives in determining minimum reserve liabilities
				in accordance with Section
				27-36A-5(b)(1)(c)
				(Computation of Minimum Standard) and paragraphs (1) and (2) of Rule
				482-1-120-.05 (the Valuation of
				Life Insurance Policies Regulation).
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-139 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 482-1-139-.03 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
As used in this chapter, these words and terms have the
				following meanings, unless the context clearly indicates otherwise:
(a) "2001 CSO Mortality Table" means that
			 mortality table, consisting of separate rates of mortality for male and female
			 lives, developed by the American Academy of Actuaries CSO Task Force from the
			 Valuation Basic Mortality Table developed by the Society of Actuaries
			 Individual Life Insurance Valuation Mortality Task Force, and adopted by the
			 National Association of Insurance Commissioners (NAIC) in December 2002. The
			 2001 CSO Mortality Table is included in the
Proceedings of the NAIC
			 (2nd Quarter 2002)
and supplemented by the 2001 CSO Preferred Class
			 Structure Mortality Table defined below in paragraph (b). Unless the context
			 indicates otherwise, the "2001 CSO Mortality Table" includes both the ultimate
			 form of that table and the select and ultimate form of that table and includes
			 both the smoker and nonsmoker mortality tables and the composite mortality
			 tables. It also includes both the age-nearest-birthday and age-last-birthday
			 bases of the mortality tables. Mortality tables in the 2001 CSO Mortality Table
			 include the following:
1. "2001 CSO Mortality
			 Table (F)" means that mortality table consisting of the rates of mortality for
			 female lives from the 2001 CSO Mortality Table.
2. "2001 CSO Mortality Table (M)" means that
			 mortality table consisting of the rates of mortality for male lives from the
			 2001 CSO Mortality Table.
3.
			 "Composite mortality tables" means mortality tables with rates of mortality
			 that do not distinguish between smokers and nonsmokers.
4. "Smoker and nonsmoker mortality tables"
			 means mortality tables with separate rates of mortality for smokers and
			 nonsmokers.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-139 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 482-1-139-.04 - 2001 CSO Preferred Clas Structure Table

Current through Register Vol. 42, No. 9, June 28, 2024
At the election of the company, for each calendar year of
				issue, for any one or more specified plans of insurance and subject to
				satisfying the conditions stated in this chapter, the 2001 CSO Preferred Class
				Structure Mortality Table may be substituted in place of the 2001 CSO Smoker or
				Nonsmoker Mortality Table as the minimum valuation standard for policies issued
				on or after January 1, 2007, or with the consent of the Commissioner, for
				policies issued on or after January 1, 2004, and prior to January 1, 2007. In
				determining such consent, the Commissioner may rely on the consent of the
				Commissioner of the company's state of domicile. No such election shall be made
				until the company demonstrates at least 20% of the business to be valued on
				this table is in one or more of the preferred classes. A table from the 2001
				CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO
				Mortality Table, pursuant to the requirements of this rule, will be treated as
				part of the 2001 CSO Mortality Table only for purposes of reserve valuation
				pursuant to the requirements of Chapter 482-1-130 (the Recognition of the 2001
				CSO Mortality Table for use In Determining Minimum Reserve Liabilities and
				Nonforfeiture Benefits Regulation).
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to 27-26A-20.