§ 27-6B-1 Short title
§ 27-6B-2 Definitions
§ 27-6B-3 Application of chapter to licensed insurer
§ 27-6B-4 Contract requirements
§ 27-6B-5 Disclosure of relationship between producer and controlled insurer
§ 27-6B-6 Penalties

Terms Used In Alabama Code > Title 27 > Chapter 6B

  • ACCREDITED STATE: A state in which the Department of Insurance meets the minimum financial qualifications and regulatory standards promulgated and established, from time to time, by the National Association of Insurance Commissioners. See Alabama Code 27-6B-2
  • commissioner: The Commissioner of Insurance. See Alabama Code 27-6B-2
  • CONTROLLED INSURER: A licensed insurer who is controlled, directly or indirectly, by a producer. See Alabama Code 27-6B-2
  • CONTROLLING PRODUCER: A producer who, directly or indirectly, controls an insurer. See Alabama Code 27-6B-2
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Docket: A log containing brief entries of court proceedings.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • producer: An insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of another insured person, firm, association, or corporation. See Alabama Code 27-6B-2
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.