Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-078 - NAMED PAYEE ON CHECKS WRITTEN FOR PREMIUMS AND RECEIPTS THEREFOR
Section 482-1-078-.02 - Purpose

Universal Citation: AL Admin Code R 482-1-078-.02
Current through Register Vol. 43, No. 02, November 27, 2024

The purpose of this chapter is to provide for the insurer to be the named payee on checks written for premiums and annuity considerations; to prohibit an agent or agency from being named as the payee; and to require agents to provide receipts for premium and annuity consideration checks they collect with applications.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, § 27-2-17, et al.

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