No insurer, or employee thereof, and no broker or agent shall knowingly charge, demand or receive a premium for any policy of insurance except in accordance with the respective rating systems on file with, and approved by, the commissioner. No insurer, or employee thereof, and no broker or agent shall pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as an inducement to insurance, or after insurance has been effected, any rebate, discount, abatement, credit, or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue thereon or any valuable consideration or inducement whatever not specified in the policy of insurance, except to the extent that such rebate, discount, abatement, credit, reduction, favor, advantage, or consideration may be provided for in rating systems filed by, or on behalf of, such insurer and approved by the commissioner. No insured named in a policy of insurance nor any employee of such insured shall knowingly receive or accept, directly or indirectly, any such rebate, discount, abatement, or reduction of premium, or any such special favor or advantage, or valuable consideration or inducement. Nothing contained in this section shall be construed as prohibiting the payment of commissions or other compensation to regularly appointed and licensed agents and to brokers duly licensed by this state nor as prohibiting any participating insurer from distributing to its policyholders dividends, savings or the unused or unabsorbed portion of premiums and premium deposits.
Structure Code of Alabama
Chapter 13 - Rates and Rating Organizations.
Article 3 - Casualty and Surety Insurance.
Section 27-13-60 - Definitions.
Section 27-13-61 - Applicability of Article.
Section 27-13-63 - Rating Organizations - Provisions for Insurers to Become Members or Subscribers.
Section 27-13-65 - Rate-Making and Making Rating Plans.
Section 27-13-67 - Filing of Rating Plans With Department by Insurers - Requirement.
Section 27-13-69 - Appeals From Decisions of Rating Organizations.
Section 27-13-70 - Furnishing Information as to Rates.
Section 27-13-71 - Hearings on Applications to Reduce Rates.
Section 27-13-72 - Application for Uniform Percentage Increase or Decrease in Rates by Insurers.
Section 27-13-73 - Factors to Be Considered in Determining Reasonableness, etc., of Rates.
Section 27-13-75 - Alteration, Supplementation, and Amendment of Rating Plans.
Section 27-13-76 - Prohibition Against Premiums Not in Accord With Approved Rating Systems.
Section 27-13-77 - False or Misleading Information Concerning Rates.
Section 27-13-78 - Suspension of License or Certificate of Authority.
Section 27-13-79 - Order Revoking or Suspending License.
Section 27-13-80 - Notices, Hearings, and Orders by Commissioner.
Section 27-13-81 - Review of Final Orders of Commissioner.