Ala. Admin. Code r. 482-1-078-.02

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

Section 482-1-078-.02 - Purpose

The purpose of this chapter is to provide for the insurer to be the named payee on checks written for premiums and annuity considerations; to prohibit an agent or agency from being named as the payee; and to require agents to provide receipts for premium and annuity consideration checks they collect with applications.

New Rule: November 14, 1986; effective February 14, 1987. Filed for codification in the Alabama Administrative Code by the Department of Insurance on April 23, 2004, pursuant to the Code of Ala. 1975, § 27-7-43. Revised: June 11, 2009; effective July 1, 2009. Filed with LRS June 12, 2009. Rule is not subject to the Alabama Administrative Procedure Act.

Author: Commissioner of Insurance

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