Alabama Administrative Code Chapter 482-1-142 — Biographical Data Relating to Company Officers and Directors

482 Alabama Department of Insurance

Ala. Admin. Code r. 482-1-142-.01 Authority

This chapter is promulgated by the Commissioner of Insurance pursuant to Section 27-2-17, Code of Ala. 1975.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.02 Purpose

This chapter is intended to implement and interpret Sections 27-3-17, 27-27-4 through 14, 27-27-23, 27-27-24 and 27-29-3 Code of Ala. 1975, for the purpose of setting standards for the reporting of biographical data relating to company officers, directors, promoters and incorporators, or other persons similarly situated.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.03 Scope

This chapter shall apply to all persons proposing to form an insurer under the laws of this state and to all nondomestic insurers applying for admission to this state and to all insurers authorized to do business in this state except as follows:

(1) Domestic fraternal benefit societies.

(2) Nonprofit service plans and;

(3) Motor club service companies.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.04 Report Of Organization Of A Domestic Insurer Or Admission Of a NonDomestic Insurer

Biographical information in form and substance substantially in accordance with the current NAIC Biographical affidavit and authorization,(Attachment A) shall be furnished to the commissioner of insurance by all promoters, incorporators, directors, trustees and principal officers or proposed directors and principal officers, as the case may be, of an insurer being organized or of an insurer applying for admission. Financial and character reports of any such persons may be ordered by the commissioner and the cost or expense of such reports shall be paid by the incorporators as an organization expense or by the insurer applying for admission.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.05 Definitions

The term “officer” as used in this chapter shall include the president, one or more vice presidents, secretary, treasurer, chief actuary, general counsel, comptroller and any person, however described, who enjoys in fact the executive authority of any such officers.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.06 Reporting With Respect To New Officers And Directors Subsequent To Organization Or Admission

A report shall be provided by each domestic insurer to which this chapter applies with respect to the appointment or election of any new director, trustee or officer elected or appointed within fifteen (15) days after such appointment or election. Such report shall be prepared by the company in form and substance substantially in accordance with the current NAIC Biographical affidavit, (Attachment A).

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.07 Subsequent Reports

When such a report has been provided to the commissioner by a company in accordance with paragraphs .04 and .06 of this chapter, no further report concerning subsequent changes in his status as an officer or director of such company need be reported to the commissioner provided; however, the company shall promptly report to the commissioner any information concerning the conviction of an officer or director for a felony or the naming of a director, trustee or officer, other than as a party plaintiff or complainant, in any criminal action or in a civil action in which fraud was an issue.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.08 Additional Information

The commissioner may request from any company such additional information with respect to any of its officers or directors as he may deem necessary and such request shall be promptly complied with by the company to which such request is directed.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.09 Severability

If a court holds any paragraph or portion of a paragraph of this chapter or the applicability thereof to any person or circumstance invalid, the remainder of the chapter shall not be affected thereby.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-.10 Effective Date

This chapter shall become effective ten (10) days from the date of certification that the properly executed chapter was delivered to the Secretary of State and January 1, 2008.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Ala. Admin. Code r. 482-1-142-A Attachment A National Association Of Insurance Commissioners Biographical Affidavit

ATTACHMENT A

NATIONAL ASSOCIATE OF INSURANCE COMMISSIONERS BIOGRAPHICAL AFFIDAVIT

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.