Ala. Admin. Code r. 482-1-093-.09 - Insurance Sold By A Dealer

(1) No insurer may write coverage in which the amount of coverage exceeds the replacement cost of the goods insured.
(2) No insurer may pay a dealer or by contract grant a dealer's interest in the affiliated property insurance which exceeds the original indebtedness under the contract.
(3) No insurer may issue a contract of insurance through a dealer which covers any goods other than those sold by that dealer under the terms of the contract secured by those goods.

Author: Vincent R. Ledlow, Associate Counsel

Notes

Ala. Admin. Code r. 482-1-093-.09
New Rule: June 12, 1992; effective June 22, 1992; Amended: October 15, 1996; effective April 1, 1997. Amended: July 23, 2002; effective August 2, 2002. Filed with LRS July 23, 2002. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority: Code of Ala. 1975, ยง 27-2-17.

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