Ala. Admin. Code r. 482-3-003-.12

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

Section 482-3-003-.12 - Surrender Of Certificate Of Authority

(1) Surrender of a certificate of authority must be accepted by the Commissioner to be effective.

(2) The certificate holder shall give prior notice of the surrender in a form prescribed by the Commissioner and provide the following to the Commissioner:

(a) Copies of the certificate holder's existing trust agreements if not already on file with the Department.

(b) A sample copy of each form of preneed contract sold.

(c) The certificate holder's report of the status of all outstanding preneed contracts sold current to the proposed time of the surrender.

(d) The trustee's report of the status of all trusts current to the time of submission.

(e) The certificate of authority.

(3) Surrender shall not be authorized in the following events:

(a) Findings or violations identified in the immediately preceding examination remain have not been resolved to the Commissioner's reasonable satisfaction.

(b) Any previously-imposed fines, assessments, or examination expenses remain unpaid in whole or in part.

Ala. Admin. Code r. 482-3-003-.12

Adopted by Alabama Administrative Monthly Volume XXXIII, Issue No. 02, November 26, 2014, eff. 1/1/2015.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-17A-1 to -57 (2014).