Code of Alabama - Title 41: State Government - Chapter 15 - State Insurance Fund

• Section 41-15-1 Creation; purpose
  There shall be a fund, to be known as the State Insurance Fund, carried by the State Treasurer for the purpose of insuring direct physical...
• Section 41-15-2 Department of Finance to administer chapter; administrator of State Insurance Fund
  The Department of Finance is hereby constituted and designated as the agency through which this chapter shall be administered, and the director of said department...
• Section 41-15-3 Survey and appraisal of property
  The Director of Finance may make or cause to be made a survey and appraisal of all property, to assist in the determination of the...
• Section 41-15-4 Value for which state property to be insured; annual certification; gap coverage and gap plus coverage; survey of public property; sale or salvage of insured items
  (a) All covered property, unless otherwise provided in this section, shall be insured for no more than its replacement cost and shall be insured for...
• Section 41-15-5 Basis upon which premiums charged generally; reinsurance
  The net premium charged shall be based on the current commercial rate with not less than a 40 percent discount. The risk manager with the...
• Section 41-15-6 Payment of premiums generally
  All premiums shall be paid to the Department of Finance, not later than 60 days from the effective date of such insurance or renewal thereof,...
• Section 41-15-8 Resolution of disagreements between Department of Finance and person in charge of insured property as to value of property, premium rates, etc
  In the event a disagreement arises between the Department of Finance and any person or persons in charge of any insured property as to its...
• Section 41-15-9 Director of Finance may prescribe insurance coverages, forms of policies, etc., define terms, make rules and regulations, etc., for administration of chapter
  The Director of Finance is authorized to prescribe insurance coverages, forms of policies, proofs of losses and other forms; to define terms; make rules and...
• Section 41-15-10 Premiums and collected earnings to constitute trust fund; surplus may be invested in bonds, stocks, mutual funds, etc.; limitations and conditions; requisition for payment of losses, expenses, etc
  All premiums and earnings collected under the provisions of this chapter shall constitute a trust fund to be applied as authorized in this chapter. With...
• Section 41-15-11 Limitations upon expenditure of funds; employees subject to Merit System
  No part of the funds provided for in Section 41-15-10 shall be used to increase the salary of any state employee. Only the salary of...
• Section 41-15-12 Appropriation for payment of excess fire or tornado losses; reimbursement
  There is hereby appropriated from the Treasury the sum of $100,000.00 to be available only in case the loss by fire or tornado in any...
• Section 41-15-13 Appropriation of funds received in payment for loss to property by fire, etc
  There is hereby appropriated in addition to all other appropriations and for capital outlay purposes only any and all funds received by the State of...

Last modified: May 3, 2021