Ala. Admin. Code r. 482-1-138-.12

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-138-.12 - Directors

Every company shall report to the commissioner within thirty (30) days after any change in its executive officers or directors, including in its report a statement of the business and professional affiliations of any new executive officer or director. No director, officer, or employee of a company shall, except on behalf of the company, accept, or be the beneficiary of, any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment or exchange made by or for the company but such person may receive reasonable compensation for necessary services rendered to the company in his or her usual private, professional or business capacity. Any profit or gain received by or on behalf of any person in violation of this rule shall inure to and be recoverable by the company. Reports concerning captive risk retention groups shall be in compliance with Chapter 482-1-142.

New Rule: August 1, 2006; effective August 11, 2006. Filed with LRS August 1, 2006. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXIX, Issue No. 09, June 30, 2021, eff. 7/1/2021.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17; 27-7-43, 27-31B-17.