Ala. Admin. Code r. 770-X-10-.04-.07

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

Section 770-X-10-.04-.07 - Miscellaneous

(1) The insurance policies, surety bonds, and collect-on-delivery bonds shall be written in the full and correct name of the person to whom the certificate, permit, or license is or is to be issued. In case of a partnership, all partners must be named.

(2) Collect-on-delivery bonds, surety bonds, policies of insurance and other securities and agreements shall not be cancelled or withdrawn until after thirty (30) days' notice in writing has been given to the Commission at its office in Montgomery, Alabama, by the insurance company, surety or sureties, motor carrier, broker, or other party thereto, as the case may be. The period of thirty (30) days shall commence to run from the date such notice is actually received at the office of the Commission.

(3) Policies of insurance covering bodily injury liability, property damage liability and cargo liability must be written by insurance companies permitted to transact business in this State.

(4) The Commission, at any time, may revoke its approval of any collect-on-delivery bond, surety bond, policy of insurance qualifications as a self-insurer or other securities or agreements if it finds that such security no longer complies with said Act and the reasonable and legal rules and regulations of the Commission pertaining thereto.

(5) Certificates of insurance or surety bonds which have been accepted by the Commission may be replaced by other certificates of insurance, surety bonds, or other security and the liability of the retiring insurer or surety shall be considered as having terminated as of the effective date of such replacement, provided, the said replacement certificate, bond, or other security is acceptable to the Commission and duly authorized, in writing, by the insurance carrier involved with verification of the effective date which shall not be more than thirty (30) days prior to the date of receipt by the Commission of such authorization and replacement.

Ala. Admin. Code r. 770-X-10-.04-.07

Effective January 1978. Amended January 1981. Amended June 1992. Filed with LRS February 5, 2013. Filed for Codification in the Alabama Administrative Code by the Alabama Public Service Commission on February 5, 2013, pursuant to Code of Ala. 1975, § 41-22-7.

Author: Alabama Public Service Commission

Statutory Authority:Code of Ala. 1975, §§ 37-3-5, 37-3-7, 37-3-18.