Ala. Admin. Code r. 482-1-148-.01

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

Section 482-1-148-.01 - Purpose, Scope And Authority

(1) The purposes of this chapter are as follows:

(a) To set forth rules and procedural requirements the Commissioner deems necessary to carry out the provisions of Chapter 25 of Code of Ala. 1975, Tit. 27, relating to the licensing of title insurance agents; the issuance of title insurance agent appointments; and the various types of disciplinary action concerning licenses and grants of authority.

(b) To set forth the procedures for the renewal of licenses of title insurance agents, as is required by Code of Ala. 1975, § 27-25-4.2.

(c) To implement the continuing education requirements for title insurance agents set forth in Code of Ala. 1975, § 27-25-4.4.

(2)

(a) This chapter shall apply to individuals and business entities applying for and renewing a title insurance agent license and to all title insurance companies appointing title insurance agents.

(b) Pursuant to Code of Ala. 1975, § 27-25-3, attorneys licensed by the Alabama State Bar are exempt from the licensing requirements of this chapter. If a licensed attorney chooses to do business through an entity law firm, that entity law firm shall be likewise exempt from the licensing requirements of this chapter. Should a licensed attorney choose to do title insurance business through an entity separate and apart from a law firm, that entity will be subject to the title agent licensing requirements of this chapter and at least one individual must be licensed as an individual title insurance agent, even if that person is a licensed attorney who would otherwise be exempt from licensing. Likewise, should an individual who is not a licensed attorney seek to do business as a title insurance agent through an entity law firm, then the entity law firm would be subject to the licensing requirements of this chapter.

(3) This chapter is adopted pursuant to Code of Ala. 1975, §§ 27-25-3, 27-25-4, 27-25-8.

Ala. Admin. Code r. 482-1-148-.01

New Rule: October 18, 2012; effective January 1, 2013. Filed with LRS October 18, 2012. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXV, Issue No.02, November 30, 2016, eff. 12/15/2016.

Amended by Alabama Administrative Monthly Volume XLI, Issue No. 10, July 31, 2023, eff. 9/14/2023; operative 1/1/2024.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-5-4, et seq., 27-25-8.