Ala. Admin. Code r. 482-1-078-.05

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

Section 482-1-078-.05 - Receipts

(1) Authorized receipts from the insurance company or its agents writing such policy of insurance or annuity contract shall be given to the applicant, policyholder, or annuitant at the time of receipt of the premium check or annuity consideration.

(2) Such receipt shall be on the insurance company's printed form on file with and approved by the Commissioner of Insurance, and must clearly show the name and address of the company, the date, name of agent, total premium or annuity consideration collected at the time of the giving of such receipt and the type of policy to be issued in consideration of such premium or annuity consideration. Furthermore, the following statement shall be incorporated into the face of said receipt, in bold type: "ALL PREMIUM CHECKS OR ANNUITY CONSIDERATIONS MUST BE MADE PAYABLE TO THE INSURANCE COMPANY -DO NOT MAKE CHECK PAYABLE TO THE AGENT OR LEAVE THE PAYEE BLANK."

New Rule: November 14, 1986; effective February 14, 1987. Filed for codification in the Alabama Administrative Code by the Department of Insurance on April 23, 2004, pursuant to the Code of Ala. 1975, § 27-7-43. Revised: June 11, 2009; effective July 1, 2009. Filed with LRS June 12, 2009. Rule is not subject to the Alabama Administrative Procedure Act.

Author: Commissioner of Insurance

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