Ala. Admin. Code r. 482-1-107-.04

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

Section 482-1-107-.04 - Filings Required For Reinsurance Intermediary License

(1) In order to obtain a license as a reinsurance intermediary, one must complete and file an application Form AL-RI-1. This form must list all information requested, including, but not limited to, the name, address and telephone number of each individual who will be acting on behalf of the reinsurance intermediary under the license. Attached to Form AL-RI-1 shall be the following exhibits, if applicable:

(a) If an application for license as a RM, a copy of a fidelity bond from an insurer acceptable to the Commissioner for the protection of each reinsurer represented in the minimum amount of one hundred thousand dollars ($100,000) with no deductible and which must have a discovery period of at least one (1) year.

(b) A copy of the RM's errors and omissions liability policy from a company acceptable to the Commissioner, with coverage limits in the minimum amount of one million dollars ($1,000,000).

(c) A nonresident applying for a license as a reinsurance intermediary must appoint the Alabama Commissioner of Insurance as the licensee's agent for service of process, which is included on the Form AL-RI-1.

(2) A reinsurance intermediary license may be renewed by filing Form AL-RI-1 on or before January 1 of each year.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-107-.04

New: August 1, 1994; effective August 11, 1994. Filed for codification in the Alabama Administrative Code by the Department of Insurance on November 14, 2005, pursuant to the Code of Ala. 1975, § 27-7-43.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-5A-12.