(a) As to a surplus line risk which has been assumed by an unauthorized insurer pursuant to this surplus line insurance law and if the premium thereon has been received by the surplus line broker who placed such insurance, in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received the premium due to it for such coverage and the insurer shall be liable to the insured as to losses covered by such insurance and for unearned premiums which may become payable to the insured upon cancellation of such insurance, whether or not in fact the broker is indebted to the insurer with respect to such insurance or for any other cause.
(b) Each unauthorized insurer assuming a surplus line direct risk under this surplus line insurance law shall be deemed thereby to have subjected itself to the terms of this section.
Structure Code of Alabama
Chapter 10 - Unauthorized Insurers and Surplus Lines.
Article 2 - Surplus Line Insurance.
Section 27-10-20 - Procuring of Surplus Lines From Unauthorized Insurers.
Section 27-10-21 - Report of Surplus Line Broker.
Section 27-10-22 - Endorsement of Surplus Line Contract.
Section 27-10-23 - Validity and Enforceability of Surplus Line Contracts.
Section 27-10-24 - Licensing of Surplus Line Brokers.
Section 27-10-25 - Acceptance and Placement of Surplus Line Business From Agents or Brokers.
Section 27-10-26 - Eligibility of Insurers for Placement of Surplus Line Insurance.
Section 27-10-28 - Liability of Insurer as to Losses and Unearned Premiums.
Section 27-10-29 - Records of Surplus Line Brokers.
Section 27-10-30 - Annual Statement of Surplus Line Broker.
Section 27-10-31 - Annual Tax of Surplus Line Brokers.
Section 27-10-32 - Revocation or Suspension of Surplus Line Broker's License.
Section 27-10-33 - Service of Process in Action or Proceeding Against Insurer.
Section 27-10-34 - Exemptions From Surplus Line Insurance Law.
Section 27-10-35 - Report Of, and Tax On, Independently Procured Coverages; Exceptions.
Section 27-10-36 - Production of Policies, etc., for Inspection by Commissioner.