Alabama Administrative Code Chapter 482-1-099 — Capital and Surplus Requirement

482 Alabama Department of Insurance

Ala. Admin. Code r. 482-1-099-.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: July 5, 1994; effective July 15, 1994. 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.

Ala. Admin. Code r. 482-1-099-.02 Purpose

The capital and surplus requirements in Sections 27-3-7, 27-27-15, and 27-21A-12, Code of Ala. 1975, are minimums. The Commissioner may require additional capital and/or surplus based upon the type, volume and nature of insurance business transacted, consistent with the provisions of applicable law or the current risk based capital standards of the National Association of Insurance Commissioners.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: July 5, 1994; effective July 15, 1994. 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.

Ala. Admin. Code r. 482-1-099-.03 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 the State.

History

• Author: Commissioner of Insurance
• Authority: Code of Ala. 1975, §27-2-17.
• New: July 5, 1994; effective July 15, 1994. 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.