Ala. Admin. Code r. 482-1-009-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-009-.03 - Method Of Payment

No such policy shall be issued except upon a weekly or monthly premium payment basis. No discount for premiums paid in advance shall exceed five percent (5%) for premiums paid for six (6) months in advance, or ten percent (10%) for premiums paid for twelve (12) months in advance. In no event shall premiums be collected for more than twelve months in advance.

Author: John Davis, Associate Counsel

New Rule: August 1, 1957; effective August 1, 1957. Amended: December 31, 1971; effective January 10, 1972. Amended: February 18, 1977. Amended: February 18, 1977; effective February 28, 1977. Amended: March 10, 1982; effective May 1, 1982. Amended: December 4, 1985; effective December 16, 1985. Amended: January 16, 2003; effective January 26, 2003. Filed with LRS January 16, 2003. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-22-2.