Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-138 - CAPTIVE INSURERS
Section 482-1-138-.14 - Rescission Of Captive License
Current through Register Vol. 42, No. 5, February 29, 2024
(1) The commissioner may, subject to the provisions of this rule, by order rescind the license of the company for any of the following:
(2) Before the commissioner rescinds the license of a company under Subparagraphs (a) or (b) in Paragraph (1), the commissioner shall give the company notice in writing of the grounds on which he or she proposes to cancel the license, and shall afford the company an opportunity to make objection in writing within the period of thirty (30) days after receipt of notice. The commissioner shall take into consideration any objection received by him or her within that period and, if the commissioner decides to cancel the license, cause the order of cancellation to be served on the company.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§ 27-2-17; 27-7-43, 27-31B-17.