Ala. Admin. Code r. 482-1-117-.17

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

Section 482-1-117-.17 - Credit Disability Insurance Rates

(1) Premium rates for Credit Disability Insurance shall be filed with the Commissioner and the creditor (person, firm or corporation) shall not add any additional charge to the premium set by the insurance company and on file with the Commissioner, for coverage to the insured borrower or purchaser.

(2) In the case of group Credit Disability Insurance, the amounts paid by the insured borrower or purchaser for the insurance shall be consistent with the premium set by the insurance company.

(3) In the case of individual Credit Disability Insurance, the premium paid by the insured borrower or purchaser shall not exceed the premium rate filed by the insurance company with the Commissioner.

Author: Reyn Norman, Associate Counsel

Ala. Admin. Code r. 482-1-117-.17

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.