Code of Alabama
Chapter 15 - State Insurance Fund.
Section 41-15-5 - Basis Upon Which Premiums Charged Generally; Reinsurance.

The net premium charged shall be based on the current commercial rate with not less than a 40 percent discount. The risk manager with the approval of the Director of Finance may purchase such reinsurance as may in the opinion of the risk manager, be necessary for the proper distribution of the risk. The risk manager shall collect such reinsurance upon any loss sustained and pay the same into the State Insurance Fund.

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Structure Code of Alabama

Code of Alabama

Title 41 - State Government.

Chapter 15 - State Insurance Fund.

Section 41-15-1 - Creation; Purpose.

Section 41-15-2 - Department of Finance to Administer Chapter; Administrator of State Insurance Fund.

Section 41-15-3 - Survey and Appraisal of Property.

Section 41-15-4 - Value for Which State Property to Be Insured; Annual Certification; Gap Coverage and Gap Plus Coverage; Survey of Public Property; Sale or Salvage of Insured Items.

Section 41-15-5 - Basis Upon Which Premiums Charged Generally; Reinsurance.

Section 41-15-6 - Payment of Premiums Generally.

Section 41-15-8 - Resolution of Disagreements Between Department of Finance and Person in Charge of Insured Property as to Value of Property, Premium Rates, Etc.

Section 41-15-9 - Director of Finance May Prescribe Insurance Coverages, Forms of Policies, etc., Define Terms, Make Rules and Regulations, etc., for Administration of Chapter.

Section 41-15-10 - Premiums and Collected Earnings to Constitute Trust Fund; Surplus May Be Invested in Bonds, Stocks, Mutual Funds, etc.; Limitations and Conditions; Requisition for Payment of Losses, Expenses, Etc.

Section 41-15-11 - Limitations Upon Expenditure of Funds; Employees Subject to Merit System.

Section 41-15-12 - Appropriation for Payment of Excess Fire or Tornado Losses; Reimbursement.

Section 41-15-13 - Appropriation of Funds Received in Payment for Loss to Property by Fire, Etc.