Alabama § 41-15-5 Basis Upon Which Premiums Charged Generally; Reinsurance

Alabama Statutes

§ 41-15-5 — Basis Upon Which Premiums Charged Generally; Reinsurance

Alabama § 41-15-5

Title 41State Government

Ch. 15State Insurance Fund

This text of Alabama § 41-15-5 (Basis Upon Which Premiums Charged Generally; Reinsurance) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 41-15-5 (2026).

Text

The net premium charged shall be based on the current commercial rate with not less than a 40 percent discount. The risk manager with the approval of the Director of Finance may purchase such reinsurance as may in the opinion of the risk manager, be necessary for the proper distribution of the risk. The risk manager shall collect such reinsurance upon any loss sustained and pay the same into the State Insurance Fund.

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The net premium charged shall be based on the current commercial rate with not less than a 40 percent discount. The risk manager with the approval of the Director of Finance may purchase such reinsurance as may in the opinion of the risk manager, be necessary for the proper distribution of the risk. The risk manager shall collect such reinsurance upon any loss sustained and pay the same into the State Insurance Fund.

Legislative History

(Acts 1923, No. 593, p. 769; Code 1923, §8543; Acts 1936-37, Ex. Sess., No. 219, p. 260; Acts 1939, No. 112, p. 144; Code 1940, T. 28, §321; Acts 1949, No. 675, p. 1045, §4; Acts 1967, No. 435, p. 1104; Acts 1990, No. 90-569, p. 966, §5.)