Ala. Admin. Code r. 482-1-066-.03

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

Section 482-1-066-.03 - Definitions

(1) "Unclaimed funds," as used in this chapter, shall mean any funds of whatever nature which are due and owing from an insurer and which are presently or may, in the future, fall under the provisions of the Uniform Disposition of Unclaimed Property Act, in Sections 35-12-70 through 35-12-96, Code of Ala. 1975, and shall include all amounts previously tendered to policyholders or other recipients, including third party payees, whether tendered by check or draft and all amounts not actually tendered but deemed due and payable at a specific point in time.

(2) "Insurer," as used in this chapter, shall mean any domestic insurer presently or who may, in the future, hold a Certificate of Authority to conduct the business of insurance in Alabama, as provided under the Alabama Insurance Code and all other domestic companies, non-profit associations and any other domestic organizations under the regulation of the Commissioner of Insurance who are engaged in the business of insurance in Alabama.

New Rule: June 1, 1979, effective June 11, 1979. Revised: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Author: Commissioner of Insurance

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