Section 41-15-1 Creation; purpose. There shall be a fund, to be known as the State Insurance Fund, carried by the State Treasurer for the purpose of insuring direct physical loss on buildings and contents for the perils as may be determined by the Finance Director in which title in whole or in part is vested […]
Section 41-15-10 Premiums and collected earnings to constitute trust fund; surplus may be invested in bonds, stocks, mutual funds, etc.; limitations and conditions; requisition for payment of losses, expenses, etc. All premiums and earnings collected under the provisions of this chapter shall constitute a trust fund to be applied as authorized in this chapter. With […]
Section 41-15-11 Limitations upon expenditure of funds; employees subject to Merit System. No part of the funds provided for in Section 41-15-10 shall be used to increase the salary of any state employee. Only the salary of the designated risk manager, stenographic secretary, inspector, clerical force and such other employees and expenses as may be […]
Section 41-15-12 Appropriation for payment of excess fire or tornado losses; reimbursement. There is hereby appropriated from the Treasury the sum of $100,000.00 to be available only in case the loss by fire or tornado in any year shall exceed the premiums collected under the provisions of this chapter, and then only in such amount […]
Section 41-15-13 Appropriation of funds received in payment for loss to property by fire, etc. There is hereby appropriated in addition to all other appropriations and for capital outlay purposes only any and all funds received by the State of Alabama or any department, board, bureau, agency or institution of the state in payment for […]
Section 41-15-2 Department of Finance to administer chapter; administrator of State Insurance Fund. The Department of Finance is hereby constituted and designated as the agency through which this chapter shall be administered, and the director of said department is empowered with such authority as may be necessary to carry out its purposes. The director of […]
Section 41-15-3 Survey and appraisal of property. The Director of Finance may make or cause to be made a survey and appraisal of all property, to assist in the determination of the amount of insurance to be carried on the several properties and to classify all exposures or property. (Acts 1923, No. 593, p. 769; […]
Section 41-15-4 Value for which state property to be insured; annual certification; gap coverage and gap plus coverage; survey of public property; sale or salvage of insured items. (a) All covered property, unless otherwise provided in this section, shall be insured for no more than its replacement cost and shall be insured for no less […]
Section 41-15-5 Basis upon which premiums charged generally; reinsurance. The net premium charged shall be based on the current commercial rate with not less than a 40 percent discount. The risk manager with the approval of the Director of Finance may purchase such reinsurance as may in the opinion of the risk manager, be necessary […]
Section 41-15-6 Payment of premiums generally. All premiums shall be paid to the Department of Finance, not later than 60 days from the effective date of such insurance or renewal thereof, by the treasurer or executive officer of the agency affected. Such funds shall be promptly transmitted to the State Treasurer, who shall place the […]
Section 41-15-8 Resolution of disagreements between Department of Finance and person in charge of insured property as to value of property, premium rates, etc. In the event a disagreement arises between the Department of Finance and any person or persons in charge of any insured property as to its replacement cost or actual cash value […]
Section 41-15-9 Director of Finance may prescribe insurance coverages, forms of policies, etc., define terms, make rules and regulations, etc., for administration of chapter. The Director of Finance is authorized to prescribe insurance coverages, forms of policies, proofs of losses and other forms; to define terms; make rules and regulations; to provide additional experience and […]