Section 27-5A-1 – Short Title.
Section 27-5A-1 Short title. This chapter may be cited as the Alabama Reinsurance Intermediary Act. (Acts 1993, No. 93-673, p. 1215, §1.)
Section 27-5A-10 – Examination Authority.
Section 27-5A-10 Examination authority. (a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (b) A reinsurance intermediary-manager may be examined as if it were the reinsurer. (Acts 1993, No. […]
Section 27-5A-11 – Penalties and Liabilities.
Section 27-5A-11 Penalties and liabilities. (a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 27-2-28, to be in violation of this chapter, shall: (1) For each separate violation, pay a penalty in an amount not exceeding $5,000. (2) Be subject to revocation or suspension of […]
Section 27-5A-12 – Rules and Regulations.
Section 27-5A-12 Rules and regulations. The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. (Acts 1993, No. 93-673, p. 1215, §12.)
Section 27-5A-13 – Utilization of Services of Reinsurance Intermediary.
Section 27-5A-13 Utilization of services of reinsurance intermediary. No insurer or reinsurer may continue to utilize the services of a reinsurance intermediary on and after May 17, 1993, unless utilization is in compliance with this chapter. (Acts 1993, No. 93-673, p. 1215, §15.)
Section 27-5A-2 – Definitions.
Section 27-5A-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) COMMISSIONER. The Alabama Commissioner of Insurance. (3) CONTROLLING PERSON. Any person, firm, association, or […]
Section 27-5A-3 – Licensure.
Section 27-5A-3 Licensure. (a) No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly, or as a member or employee of a firm or association, or an officer, director, or employee of a corporation: (1) In this state, unless the reinsurance […]
Section 27-5A-4 – Required Contract Provisions; Reinsurance Intermediary-Brokers.
Section 27-5A-4 Required contract provisions; reinsurance intermediary-brokers. Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that: (1) The insurer may terminate the reinsurance intermediary-broker’s authority at any […]
Section 27-5A-5 – Books and Records; Reinsurance Intermediary-Brokers.
Section 27-5A-5 Books and records; reinsurance intermediary-brokers. (a) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following: (1) The type of contract, limits, underwriting restrictions, classes, or risks and territory. (2) […]
Section 27-5A-6 – Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker.
Section 27-5A-6 Duties of insurers utilizing the services of a reinsurance intermediary-broker. (a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by subsection (a) of Section 27-5A-3. (b) An insurer may not employ […]
Section 27-5A-7 – Required Contract Provisions; Reinsurance Intermediary-Managers.
Section 27-5A-7 Required contract provisions; reinsurance intermediary-managers. Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer’s board of directors. At least 30 days before a reinsurer assumes or […]
Section 27-5A-8 – Prohibited Acts.
Section 27-5A-8 Prohibited acts. The reinsurance intermediary-manager shall not: (1) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. The guidelines shall include a list of reinsurers with which any […]
Section 27-5A-9 – Duties of Reinsurers Utilizing Services of Reinsurance Intermediary-Manager.
Section 27-5A-9 Duties of reinsurers utilizing services of reinsurance intermediary-manager. (a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-manager on its behalf unless such person is licensed as required by subsection (b) of Section 27-5A-3. (b) The reinsurer shall annually obtain a copy […]