Section 27-6A-1 – Short Title.

Section 27-6A-1 Short title. Sections 27-6A-2 through 27-6A-8, inclusive, of this chapter may be cited as the “Alabama Managing General Agents Act.” (Acts 1993, No. 93-675, p. 1240, §9.)

Section 27-6A-2 – Definitions.

Section 27-6A-2 Definitions. 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 (2) and (3) of Section 27-1-2. (3) MANAGING […]

Section 27-6A-3 – Licensure Requirements.

Section 27-6A-3 Licensure requirements. (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, firm, association, […]

Section 27-6A-4 – Contract Requirements.

Section 27-6A-4 Contract requirements. 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 responsibility for a particular function, specifies […]

Section 27-6A-5 – Duties of Insurer.

Section 27-6A-5 Duties of insurer. 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 insurer shall annually obtain the […]

Section 27-6A-6 – Acts of Managing General Agent.

Section 27-6A-6 Acts of managing general agent. 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. (Acts 1993, No. 93-675, p. 1240, §7.)

Section 27-6A-7 – Penalties.

Section 27-6A-7 Penalties. (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 general agent’s license. (3) The managing […]

Section 27-6A-8 – Compliance.

Section 27-6A-8 Compliance. 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. (Acts 1993, No. 93-675, p. 1240, §9.)