Ala. Admin. Code r. 482-1-054-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-054-.02 - Definitions

The following definitions shall apply for purposes of this chapter:

(a) Breach of trust. A wrongful act, use, misappropriation or omission with respect to any property or fund which has been committed to a person in a fiduciary or official capacity, or the misuse of one's official or fiduciary position to engage in a wrongful act, use, misappropriation or omission.

(b) Dishonesty. Directly or indirectly, to cheat or defraud; to cheat or defraud for monetary gain or its equivalent; or wrongfully to take property belonging to another in violation of any criminal statute. Dishonesty includes acts involving want of integrity, lack of probity, or a disposition to distort, cheat, or act deceitfully or fraudulently, and may include crimes which federal, state or local laws define as dishonest.

(c) Domestic Insurer. Any insurance company or insurer domiciled in the State of Alabama.

(d) Licensee. Any insurance company, insurer, managing general agent, producer, service representative, adjuster, surplus line broker and any other company, corporation, partnership, limited liability company, association or person licensed to transact the business of insurance in this state.

(e) Producer. Any producer, service representative, adjuster, or surplus line broker licensed in this state.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-054-.02

New Rule: September 22, 2000, Effective October 2, 2000. Revised: April 21, 2003, Effective May 1, 2003. Filed with LRS April 21, 2003. Rule is not subject to the Alabama Administrative Procedure Act.

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