Ala. Admin. Code r. 482-1-093-.09

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

Section 482-1-093-.09 - Insurance Sold By A Dealer

(1) No insurer may write coverage in which the amount of coverage exceeds the replacement cost of the goods insured.

(2) No insurer may pay a dealer or by contract grant a dealer's interest in the affiliated property insurance which exceeds the original indebtedness under the contract.

(3) No insurer may issue a contract of insurance through a dealer which covers any goods other than those sold by that dealer under the terms of the contract secured by those goods.

Author: Vincent R. Ledlow, Associate Counsel

Ala. Admin. Code r. 482-1-093-.09

New Rule: June 12, 1992; effective June 22, 1992; Amended: October 15, 1996; effective April 1, 1997. Amended: July 23, 2002; effective August 2, 2002. Filed with LRS July 23, 2002. Rule is not subject to the Alabama Administrative Procedure Act.

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