Ala. Admin. Code r. 482-1-111-.04

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

Section 482-1-111-.04 - Payment Of Commission

Commissions may be paid only to licensed insurance producers. A business entity must have at least one individual who is licensed as an insurance producer for a particular line of authority who has been designated responsible for the business entity's compliance with the insurance laws, rules and regulations of this state in order for the business entity to be licensed as an insurance producer for that particular line of authority. If this individual only holds a limited line credit insurance license, the business entity will only be qualified for a limited line credit insurance license.

Author: Reyn Norman, Associate Counsel

New Rule: April 19, 1995; effective May 1, 1995. Amended: February 28, 2000; effective March 9, 2000. Amended: September 19, 2002; effective September 29, 2002. Filed with LRS October 19, 2002. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-7-43.