§ 27-2B-10 — Relationship to Other Laws; Adoption of Rules; Exemptions

Alabama § 27-2B-10

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 2B: Risk-Based Capital for Insurers

Text

(a) The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under other laws, including, but not limited to, Chapter 32, and Section 27-2-33.
(b) The commissioner may adopt reasonable rules necessary for the implementation of this chapter.
(c) The commissioner may exempt from the application of this chapter any domestic property and casualty insurer that meets all of the following criteria:
(1) Writes direct business only in this state.
(2) Writes direct annual premiums of two million dollars ($2,000,000) or less.
(3) Assumes no reinsurance in excess of five percent of direct premium written.
(d) The commissioner may exempt from the application of this chapter any health organization that meets all of the following criteria:
(1) Writes direct business only in this state.
(2) Assumes no reinsurance in excess of five percent of direct premium written.
(3) Meets either of the following criteria:
a. Writes direct annual premiums for comprehensive medical business of one million dollars ($1,000,000) or less.
b. Is a limited health services organization that covers less than 1,000 lives.

Legislative History

(Acts 1996, No. 96-784, p. 1426, §15; Act 2014-377, p. 1407, §3.)