Ala. Admin. Code r. 482-1-096-.06 - Miscellaneous

(1) The Commissioner may require the submission of audited financial statements. Such statements shall be certified by an independent certified or chartered public accountant licensed and in good standing with all jurisdictions in which the accountant is licensed to practice.

(2) At the time of filing its annual statement, the company shall provide to the Commissioner an organizational chart of the company and any affiliated entities, including the names, addresses, and social security or other appropriate number of each of the board members and officers of the company and any affiliated entity, as well as the same information of the owners or persons in control of the company and any affiliated entities.

(3) For determinations related to financial soundness or the admissibility of assets, NAIC manuals and publications and the Alabama Insurance Code may be used as guidelines.

(4) Prior to insuring any risk resident or located in this state, an alien unauthorized insurer shall register with the Commissioner by providing the documents and information contained in this chapter and by providing the name and address of the person designated by the company to receive service of process in this state.

(5) The Commissioner may require any alien unauthorized insurer to submit documents and information needed to determine the eligibility, financial soundness, and compliance with Alabama statutes and this chapter.

(6) Any credit extended by the surplus lines broker to any producing agent or broker shall be done at the peril of the surplus lines broker.

Author: Commissioner of Insurance

Notes

Ala. Admin. Code r. 482-1-096-.06

New: September 23, 1996; effective October 3, 1996. Filed for codification in the Alabama Administrative Code by the Department of Insurance on November 14, 2005, pursuant to the Code of Ala. 1975, § 27-7-43.

Statutory Authority: Code of Ala. 1975, §§ 27-2-17; 27-10-1, et seq.