Alabama § 27-42-6 Association Created; Member Insurers; Accounts

Alabama Statutes

§ 27-42-6 — Association Created; Member Insurers; Accounts

Alabama·Title 27 Insurance·Ch. 42 Insurance Guaranty Association

There is created a nonprofit unincorporated legal entity to be known as the Alabama Insurance Guaranty Association. All insurers defined as member insurers in subdivision (6) of Section 27-42-5 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under Section 27-42-9 and shall exercise its powers through a board of directors established under Section 27-42-7. For purposes of administration and assessment, the association shall be divided into three separate accounts:

(a)the workmen’s compensation insurance account;

(b)the automobile insurance account; and (c) the account for all other insurance to which this chapter applies.

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There is created a nonprofit unincorporated legal entity to be known as the Alabama Insurance Guaranty Association. All insurers defined as member insurers in subdivision (6) of Section 27-42-5 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under Section 27-42-9 and shall exercise its powers through a board of directors established under Section 27-42-7. For purposes of administration and assessment, the association shall be divided into three separate accounts: (a) the workmen’s compensation insurance account; (b) the automobile insurance account; and (c) the account for all other insurance to which this chapter applies.

Alabama § 27-42-6 (Association Created; Member Insurers; Accounts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.