Ala. Admin. Code r. 482-1-138-.13

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

Section 482-1-138-.13 - Conflict Of Interest

Each company chartered in this state is required to adopt a conflict of interest statement for officers, directors and key employees. The statement shall disclose that the individual has no outside commitments, personal or otherwise, that would divert the individual from his or her duty to further the interests of the company he or she represents but this shall not preclude the individual from being a director or officer in more than one insurance company. Each officer, director, and key employee shall file such disclosure with the Board of Directors yearly.

Author: Commissioner of Insurance

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.

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