Code of Alabama - Title 27: Insurance - Chapter 31A - Risk Retention Act

• Section 27-31A-1 Short title and purpose
  The purpose of this chapter is to regulate the formation and the operation of risk retention groups and purchasing groups in this state formed pursuant...
• Section 27-31A-2 Definitions
  As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) COMMISSIONER. The Insurance Commissioner...
• Section 27-31A-3 Risk retention groups chartered in this state
  (a)(1) A risk retention group shall, pursuant to this title, be chartered and licensed to write only liability insurance pursuant to this chapter and, except...
• Section 27-31A-3.1 Risk retention groups to comply with governance standards
  (a) By January 1, 2016, existing risk retention groups shall be in compliance with the governance standards set forth in this section. New risk retention...
• Section 27-31A-4 Risk retention groups not chartered in this state
  Risk retention groups chartered and licensed in states other than this state and seeking to do business as a risk retention group in this state...
• Section 27-31A-5 Compulsory associations
  (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in...
• Section 27-31A-6 Countersignatures not required
  A policy of insurance issued to a risk retention group, or any member of that group, shall not be required to be countersigned as otherwise...
• Section 27-31A-7 Purchasing groups - Exemption from certain laws
  A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its...
• Section 27-31A-8 Notice and registration requirements of purchasing groups
  (a) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall include...
• Section 27-31A-9 Restrictions on insurance purchased by purchasing groups
  (a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not...
• Section 27-31A-10 Purchasing group taxation
  Premium taxes and taxes on premiums paid for coverage of risks resident, or located in this state by a purchasing group, or any members of...
• Section 27-31A-11 Administrative and procedural authority regarding risk retention groups and purchasing groups
  The commissioner is authorized to make use of any of the powers established under the Insurance Code of this state to enforce the laws of...
• Section 27-31A-12 Duty of producers to obtain license
  (a) Risk retention groups. Persons representing or aiding a risk retention group in the solicitation or negotiation of liability insurance in this state and the...
• Section 27-31A-13 Binding effect of orders issued in U.S. district court
  An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any...
• Section 27-31A-14 County self-insurance funds
  This chapter shall not apply to any liability self-insurance fund established by counties pursuant to Title 11, Chapter 30.
• Section 27-31A-15 Rules and regulations
  The commissioner may promulgate and enforce, and from time to time amend, the rules and regulations relating to risk retention groups as may be necessary...

Last modified: May 3, 2021