Section 27-10-2 - [Effective 7/1/2024] Liability of persons violating Section 27-10-1; liability of adjusters(a) Any person who willfully represents or aids an unauthorized insurer in violation of Section 27-10-1 , in addition to any other applicable penalty, shall be liable for the full amount of any loss sustained by the insured under any such contract and for any premium taxes which may be payable under Section 27-10-35 by reason of such contract.(b) Any independent adjuster who, directly or indirectly, investigates any loss arising under an insurance or annuity contract issued by an unauthorized insurer and covering a subject of insurance located or performed in this state shall be liable for the full amount of any loss suffered by the insured under such contract. The commissioner , after a hearing, may revoke the license of such an independent adjuster. This subsection does not apply as to surplus lines contracts lawfully written under this chapter, or exempted under Section 27-10-34, or to insurance contracts procured by the insured on his or her own behalf and on which the tax is paid as required by Section 27-10-35 , or to transactions as to which the insurer is not required to have a certificate of authority.Ala. Code § 27-10-2 (1975)
Amended by Act 2024-71,§ 1, eff. 7/1/2024.Acts 1963, No. 521, p. 1112, §5; Acts 1971, No. 407, p. 707, §192.This section is set out more than once due to postponed, multiple, or conflicting amendments.