Ala. Admin. Code r. 482-1-055-.08

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-055-.08 - Definitions

The following definitions shall apply for purposes of this chapter:

(1) EXECUTIVE OFFICER. Chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by the foregoing officers under whatever title.

(2) ULTIMATE CONTROLLING PERSON. That person which is not controlled by any other person.

(3) Unless the context otherwise requires, other terms found in these regulations and in Section 27-29-1 are used as defined in the Act. Other nomenclature or terminology is according to the Insurance Code, or industry usage if not defined by the Code.

Ala. Admin. Code r. 482-1-055-.08

Revised: July 5, 1994; effective July 15, 1994. Filed for codification in the Alabama Administrative Code by the Department of Insurance on June 10, 2003, pursuant to the Code of Ala. 1975, § 27-7-43.

Amended by Alabama Administrative Monthly Volume XXXIII, Issue No. 11, August 31, 2015, eff. 1/1/2016.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-29-8.