§ 27-2-13 — Conflicts of Interest; Additional Compensation, Etc

Alabama § 27-2-13

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 2: Department and Commissioner of Insurance
• Art. 1: General Provisions

Text

(a) The commissioner or any deputy, examiner, assistant, or employee of the commissioner shall not be financially interested, directly or indirectly, in any insurer, insurance agency, or insurance transaction except as a policy holder or claimant under a policy; except, that as to such matters wherein a conflict of interests does not exist on the part of any such individual, the commissioner may employ or retain, from time to time, insurance actuaries, accountants, or other professional personnel who are independently practicing their professions even though similarly employed or retained by insurers or others.
(b) The commissioner or any deputy, examiner, assistant, or employee of the commissioner shall not be given, nor receive, any fee, compensation, loan, gift, or other thing of value in addition to the compensation and expense allowance provided by law for any service rendered, or to be rendered, as such commissioner, deputy, assistant, examiner, or employee or in connection therewith. This section shall not apply to any person who is holding office or position on date of enactment of this title.

Legislative History

(Acts 1971, No. 407, p. 707, §25.)