Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-093 - CREDIT PROPERTY AND INVOLUNTARY UNEMPLOYMENT INSURANCE
Section 482-1-093-.08 - Insurance Sold By A Lender

Universal Citation: AL Admin Code R 482-1-093-.08
Current through Register Vol. 42, No. 11, August 30, 2024

No insurer may issue a policy covering security for a loan made under the regulatory authority of the Mini Code which exceeds the replacement values of the property given as security for the loan or covering security for such a loan. If the insured elects to cancel a policy sold in connection with such transaction, the insurer shall remit any premium refund due. No insurer may issue a policy covering security for a loan made under the regulatory authority of the Mini Code which exceeds the replacement values of the property given as security for the loan or covering security for such a loan. If the insured elects to cancel a policy sold in connection with such transaction, the insurer shall remit any premium refund due.

Author: Vincent R. Ledlow, Associate Counsel

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

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