Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-117 - CREDIT LIFE AND DISABILITY INSURANCE › Section 482-1-117-.09 - Filing, Approval And Withdrawal Of Forms

Current through Register Vol. 42, No. 9, June 28, 2024
(1) All policies, certificates of insurance,
			 notices of proposed insurance, applications for insurance, endorsements and
			 riders delivered or issued for delivery in this state, and the schedules of
			 premium rates pertaining thereto, shall be filed with the Commissioner before
			 being used. It is not necessary to file for approval any form of election of
			 coverage contained in or constituting a part of the documents evidencing the
			 credit transaction. In addition to bearing the designations of Group Credit or
			 Individual Credit, the description "Creditor-Debtor Insurance Only" shall also
			 be placed on the face of each such policy or group certificate.
(2) The Commissioner shall within thirty (30)
			 days after the filing of any such policies, certificates of insurance, notices
			 of proposed insurance, applications for insurance, endorsements and riders,
			 disapprove any such form if it is determined that the benefits provided are not
			 consistent with the provisions of this chapter, or if the form contains
			 provisions which are unjust, unfair, inequitable, misleading, deceptive or
			 encourage misrepresentation of the coverage, or are contrary to any provision
			 of the Insurance Code or of any rule or regulation promulgated thereunder or of
			 the provisions of Section
			 5-19-20(b)(2),
			 Code of Alabama 1975. If the Commissioner does not disapprove a filing within
			 thirty (30) days, it shall be deemed approved.
(3) If the Commissioner disapproves the form
			 in accordance with Paragraph (2), the Commissioner shall promptly notify the
			 insurer in writing of the disapproval, and it is unlawful for the insurer to
			 issue or use the form. In the notice, the Commissioner shall specify the
			 reasons for disapproval and state that a hearing will be granted upon written
			 request by the insurer.
(4) The
			 Commissioner may withdraw approval of any approved form when the Commissioner
			 would be required to disapprove the form if it were filed at the time of the
			 action of withdrawal. The withdrawal shall be in writing and shall specify the
			 reasons for the withdrawal and the effective date of the withdrawal. Any
			 insurer adversely affected by such withdrawal may, within thirty (30) days
			 after receiving the written notification of the withdrawal, request a hearing
			 to determine whether the withdrawal should be annulled, modified, or confirmed.
			 Unless the Commissioner, in writing in the withdrawal or subsequent thereto,
			 grants an extension, the withdrawal shall, in the absence of a request for a
			 hearing, become effective, prospectively and not retroactively, on the
			 ninety-first (91st) day following the delivery of the notice of withdrawal,
			 and, if request for hearing is filed, on the ninety-first (91st) day following
			 delivery of written notice of the Commissioner's determination. Policies and
			 group certificates issued prior to the effective date of the withdrawal shall
			 continue in force and effect and shall not be affected by the
			 withdrawal.
(5) It is not lawful
			 for the insurer to issue forms or use them after the effective date of such
			 withdrawal.
(6) The Commissioner's
			 approval of any consumer credit insurance form prior to the effective date of
			 this chapter remains valid notwithstanding the provisions of this rule, except
			 to the extent such form is not in compliance with this chapter, in which case
			 the approval shall be deemed withdrawn as of one hundred eighty (180) days
			 following the effective date of this chapter.
(7) Forms filed and approved in accordance
			 with this rule shall be deemed to be in compliance in all respects with the
			 laws of this state.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.