Ala. Admin. Code r. 482-1-153-.03

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

Section 482-1-153-.03 - Portable Electronics Insurance Vendor License

(1) A vendor of portable electronics insurance may be licensed as a limited lines insurance producer as either a business entity or an individual. Subject to the supervision and other requirements set forth in Code of Ala. 1975, § 27-22A-4, the employees and authorized representatives of a licensed vendor are not required to be individually licensed.

(2) To be licensed as a vendor of portable electronics insurance, a business entity must be a corporation, a limited liability company, a partnership, a limited partnership, a limited liability partnership, or another legally recognized form of entity distinct from an individual or the individuals or other entities that may own or hold interests in, or be members of, the entity as determined by the laws of the entity's state of domicile. A sole proprietorship can only be licensed as an individual. One or more individuals doing business under a trade name cannot obtain a business entity license absent formal organization as an entity.

(3) An applicant shall complete the Department's on-line licensing process to become licensed as a vendor of portable electronics insurance.

(4) A foreign-domiciled business entity must register with the Alabama Secretary of State in accordance with the applicable requirements of Ala. Code Tit. 10A (2011).

(5) Instructions for the on-line licensing process, as it may change from time to time, will be provided on the Department's Web page.

(6) The fees for a vendor of portable electronics insurance are as follows:

(a) For a Large vendor:

1. Initial license fee, as permitted in Section 27-22A-7(e) $1,000.00

2. License renewal fee, as permitted in Section 27-22A-7(e) $500.00

(b) For a Small vendor, the license fee, initial and renewal, as permitted in Section 27-22A-7(e) $100.00

(c) Late fee, as permitted in Section 27-8A-9(a) (2) $50.00

(7)

(a) Licensees are subject to the license renewal process set forth in Chapter 482-1-110, according to the initial dates indicated in Rule 482-1-153-.04.

(b) If a vendor's license is not renewed in accordance with Chapter 482-1-110, according to the initial dates indicated in Rule 482-1-153-.04, the license expires.

(8) A licensee must maintain a registry of vendor locations as required in 27-22A-2(c) and shall, upon request of the Commissioner, make the registry available to the Commissioner within ten (10) days of the request.

Ala. Admin. Code r. 482-1-153-.03

New Rule: July 29, 2013; effective August 8, 2013. Filed with LRS July 29, 2013. Rule is not subject to the Alabama Administrative Procedure Act.

Authority: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-22A-7.