(a) Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the commissioner. The commissioner may at any time require any licensee to bring such records as he may direct to the commissioner's office for examination.
(b) Every licensee shall preserve its records of such premium finance transactions including cards used in a card system, if any, for at least three years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic form shall constitute compliance with this requirement.
Structure Code of Alabama
Chapter 40 - Insurance Premium Finance Companies.
Section 27-40-1 - Definitions.
Section 27-40-2 - Exemptions From Chapter.
Section 27-40-3 - Licenses - Required; Fees; Information to Be Furnished Commissioner.
Section 27-40-4 - Licenses - Investigation and Qualifications of Applicant; Issuance.
Section 27-40-5 - Licenses - Suspension or Revocation.
Section 27-40-6 - Books and Records.
Section 27-40-7 - Promulgation and Enforcement of Rules and Regulations.
Section 27-40-8 - Contents and Style of Premium Finance Agreement.
Section 27-40-9 - Service Charges; Prepayment of Obligation.
Section 27-40-10 - Delinquency and Cancellation Charges.
Section 27-40-11 - Procedure for Cancellation of Insurance Contract Upon Default.
Section 27-40-12 - Return of Gross Unearned Premiums Upon Cancellation of Contract.
Section 27-40-13 - Filing of Agreement.
Section 27-40-14 - Exclusive Jurisdiction of Department of Insurance.
Section 27-40-17 - Notification of Existence of Premium Finance Agreement.
Section 27-40-18 - Delivery of Copy of Premium Finance Agreement to Insured.