Ala. Admin. Code r. 482-1-117-.02

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

Section 482-1-117-.02 - Purpose

The purpose of this chapter is to: establish guidelines for insurers and creditors that offer credit life insurance and credit disability insurance, as defined in this chapter, provided by the creditors to debtors; and interpret and implement certain Alabama statutes, including, but not limited to, the Alabama Consumer Credit Act and the Alabama Small Loan Act, with respect to credit life and disability insurance provided under those statutes. It is acknowledged that other types of credit insurance may be issued or sold, for example, credit property insurance; however, those other types of credit insurance are not covered by this chapter. Nothing in this chapter is intended to prohibit or discourage reasonable competition.

Author: Reyn Norman, Associate Counsel

New Rule: October 14, 1999; effective November 1, 1999. Filed for codification in the Alabama Administrative Code by the Department of Insurance on January 17, 2003, pursuant to the Code of Ala. 1975, § 27-7-43.

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