Code of Alabama
Title 27 - Insurance.
Chapter 42 - Insurance Guaranty Association.

Section 27-42-1 - Short Title. - This chapter shall be known and may be cited as...

Section 27-42-2 - Purpose of Chapter. - The purpose of this chapter is to provide a mechanism...

Section 27-42-3 - Applicability of Chapter. - This chapter shall apply to all kinds of direct insurance,...

Section 27-42-4 - Construction of Chapter. - This chapter shall be liberally construed to effect the purpose...

Section 27-42-5 - Definitions. - As used in this chapter, the following terms shall have...

Section 27-42-6 - Association Created; Member Insurers; Accounts. - There is created a nonprofit unincorporated legal entity to be...

Section 27-42-7 - Board of Directors; Selection; Vacancies; Expenses. - (a) The board of directors of the association shall consist...

Section 27-42-8 - Powers and Duties. - (a) The association shall: (1)a. Be obligated to pay covered...

Section 27-42-8.1 - Maximum Assessment. - (a) Notwithstanding the one percent maximum assessment set forth in...

Section 27-42-9 - Plan of Operation. - (a) The association shall submit to the commissioner a plan...

Section 27-42-10 - Duties and Powers of the Commissioner; Judicial Review. - (a) The commissioner shall: (1) Notify the association of the...

Section 27-42-11 - Settlement and Payment of Claims; Recovery. - (a) Any person recovering under this chapter shall be deemed...

Section 27-42-12 - Exhaustion of Rights; Nonduplication of Recovery. - (a) Any person having a claim under an insurance policy,...

Section 27-42-13 - Prevention of Insolvencies; Examinations of Insurers; Reports. - (a) To aid in the detection and prevention of insurer...

Section 27-42-14 - Examination of the Association; Financial Report. - The association shall be subject to examination and regulation by...

Section 27-42-15 - Tax Exemption. - The association shall be exempt from payment of all fees...

Section 27-42-16 - Credits for Assessments Paid; Disposition of Refunds Previously Offset. - (a) A member insurer may offset against its premium tax...

Section 27-42-17 - Immunity. - There shall be no liability on the part of and...

Section 27-42-18 - Stay of Proceedings; Access of Board to Records of Insurers. - All proceedings in which the insolvent insurer is a party...

Section 27-42-19 - Association, Policyholders, Beneficiaries, and Insureds to Have Preferred Creditor Status. - Upon the issuance of a proper court order placing a...

Section 27-42-20 - Access to Assets of Insolvent Insurer; Application for Court Approval of Plan to Disburse Assets; Notice of Application. - (a) Within 120 days of a final determination of insolvency...