Ala. Admin. Code r. 482-1-138-.14

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

Section 482-1-138-.14 - Rescission Of Captive License

(1) The commissioner may, subject to the provisions of this rule, by order rescind the license of the company for any of the following:

(a) If the company has not commenced business according to its plan of operation within two(2) years of being licensed.

(b) If the company ceases to carry on insurance business in or from within Alabama.

(c) At the request of the company.

(d) For any reason provided in Sections 27-31B-1, etseq., Code of Ala. 1975.

(2) Before the commissioner rescinds the license of a company under Subparagraphs (a) or (b) in Paragraph (1), the commissioner shall give the company notice in writing of the grounds on which he or she proposes to cancel the license, and shall afford the company an opportunity to make objection in writing within the period of thirty (30) days after receipt of notice. The commissioner shall take into consideration any objection received by him or her within that period and, if the commissioner decides to cancel the license, cause the order of cancellation to be served on the company.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-138-.14

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.