Ala. Admin. Code r. 482-1-111-.01

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

Section 482-1-111-.01 - Purpose

The purpose of this chapter is to set forth the rules and requirements which the Commissioner deems necessary to apply to producers marketing credit insurance coverage, as described in the Alabama Consumer Credit Act, Title 5, Chapter 19, Code of Ala. 1975, (commonly referred to as the "Mini-Code"); the Alabama Small Loan Act, Title 5, Chapter 18, Code of Ala. 1975; the Alabama Insurance Code, Title 27, Code of Ala. 1975; as well as rules and regulations promulgated pursuant to these statutes. This chapter is to clarify future licensing procedures concerning credit insurance and in no way reflects on previous practices. The information required by this chapter is hereby declared to be necessary and appropriate and in the public interest and for the protection of policyholders in this state. Additionally this chapter is to promote the public welfare by regulating credit insurance in this state.

Author: Reyn Norman, Associate Counsel

New Rule: April 19, 1995; effective May 1, 1995. Amended: February 28, 2000; effective March 9, 2000. Amended: September 19, 2002; effective September 29, 2002. Filed with LRS October 19, 2002. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-7-43.