Ala. Admin. Code r. 482-1-093-.01

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

Section 482-1-093-.01 - Purpose And Authority

This chapter is designed to stimulate open competition among insurers to provide property and involuntary unemployment insurance coverage in the credit context at rates which are not unfairly discriminatory or excessive. Where such insurance is sold by a creditor in connection with the extension of credit, the regulating forces of open competition may not operate to control rates and extend benefits. The purpose of this chapter is to designate rate levels for certain coverages above which rates for such insurance sold in the credit context will be presumed excessive and unfairly discriminatory under statutory standards. This chapter is adopted pursuant to the provisions of Section 27-2-17, Code of Ala. 1975.

Author: Vincent R. Ledlow, Associate Counsel

New Rule: June 12, 1992; effective June 22, 1992; Amended: October 15, 1996; effective April 1, 1997. Amended: July 23, 2002; effective August 2, 2002. Filed with LRS July 23, 2002. Rule is not subject to the Alabama Administrative Procedure Act.

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