(a) Each surplus line broker shall keep in his office in this state a full and true record of each surplus line contract procured by him, including a copy of the policy, certificate, cover note or other confirmation of insurance and of the daily report, if any, and showing such of the following items as may be applicable:
Terms Used In Alabama Code 27-10-29
Contract: A legal written agreement that becomes binding when signed.
property: includes both real and personal property. See Alabama Code 1-1-1
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(1) Amount of the insurance and risks insured against;(2) Gross premium charged;(3) Return premium paid, if any;(4) Rate of premium charged upon the several items of property;(5) Effective date of the contract and the terms thereof;(6) Name and address of the insurer;(7) Name and address of the insured;(8) Brief general description of property insured and where located;(9) Amount of tax and other sums collected from the insured; and(10) Other information as may be required by the commissioner.(b) The record shall at all times be open to examination by the commissioner and shall be kept available and open to the commissioner for five years next following the issuance of the contract.
