Ala. Code § 27-42-6

Current through the 2024 Regular Session.

Section 27-42-6 - Association created; member insurers; accounts

There is created a nonprofit unincorporated legal entity to be known as the Alabama Insurance Guaranty Association. All insurers defined as member insurers in subdivision (6) of Section 27-42-5 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under Section 27-42-9 and shall exercise its powers through a board of directors established under Section 27-42-7. For purposes of administration and assessment, the association shall be divided into three separate accounts:

(a) the workmen's compensation insurance account;

(b)the automobile insurance account; and

(c)the account for all other insurance to which this chapter applies.

Ala. Code § 27-42-6 (1975)

Acts 1980, No. 80-806, p. 1639, §6.