Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-163 - VALUE -ADDED SERVICE OR PRODUCT
Section 482-1-163-.02 - Definition Of Value-Added Service Or Product
Universal Citation: AL Admin Code R 482-1-163-.02
Current through Register Vol. 43, No. 02, November 27, 2024
(1) For purposes of this chapter, a Value-Added Service or Product meets the following criteria:
(a) The service or product is intended to
1. mitigate loss or provide loss control,
or
2. assess risk, identify sources
of risk, or develop strategies for eliminating or reducing those risks;
or
3. has a nexus to or enhances
the value of the insurance product.
(b) The service or product may be offered or
provided to a policy/contract owner or insured/annuitant for free or at a
discounted price.
(c) The service
or product is incidental to the sale or servicing of an insurance policy or
annuity contract.
(d) The service
or product is offered or made available in a fair and non-discriminatory
manner.
(e) Providing the service
or product will not violate any statute, regulation, or order beyond those
mentioned in this chapter.
(f) If
the insurer has directly contracted with the policy/contract owner or
insured/annuitant for the service or product, the policy/contract owner or
insured/annuitant may discontinue the Value-Added Service or Product at any
time.
(2) The Alabama Department of Insurance should be contacted if there is a question about this Regulation or any Value-Added Service or Product a company may offer.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§ 27-2-17, 27-12-12, 7-12-14.
Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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