Ala. Admin. Code r. 482-1-117-.12

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

Section 482-1-117-.12 - Issuance Of Policies

(1) All policies of consumer credit insurance shall be delivered or issued for delivery in this state only by an insurer authorized to engage in the business of insurance in this state. Only a life insurer authorized for life insurance in this state can issue credit life insurance policies, whereas credit disability insurance policies can be issued by life insurers authorized for disability insurance or by casualty insurers also authorized for disability insurance.

(2) Each policy of insurance must contain a provision allowing a thirty-one (31) day grace period within which to pay the premium.

Author: Reyn Norman, Associate Counsel

Ala. Admin. Code r. 482-1-117-.12

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.