Code of Alabama - Title 27: Insurance - Chapter 5A - Reinsurance Intermediaries

• Section 27-5A-1 Short title
  This chapter may be cited as the Alabama Reinsurance Intermediary Act.
• Section 27-5A-2 Definitions
  As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person who...
• Section 27-5A-3 Licensure
  (a) No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly,...
• Section 27-5A-4 Required contract provisions; reinsurance intermediary-brokers
  Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the...
• Section 27-5A-5 Books and records; reinsurance intermediary-brokers
  (a) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete...
• Section 27-5A-6 Duties of insurers utilizing the services of a reinsurance intermediary-broker
  (a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless...
• Section 27-5A-7 Required contract provisions; reinsurance intermediary-managers
  Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the...
• Section 27-5A-8 Prohibited acts
  The reinsurance intermediary-manager shall not: (1) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory...
• Section 27-5A-9 Duties of reinsurers utilizing services of reinsurance intermediary-manager
  (a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-manager on its behalf unless...
• Section 27-5A-10 Examination authority
  (a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of...
• Section 27-5A-11 Penalties and liabilities
  (a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 27-2-28, to be in violation of...
• Section 27-5A-12 Rules and regulations
  The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.
• Section 27-5A-13 Utilization of services of reinsurance intermediary
  No insurer or reinsurer may continue to utilize the services of a reinsurance intermediary on and after May 17, 1993, unless utilization is in compliance...

Last modified: May 3, 2021