Alabama § 27-5A-4 - Required Contract Provisions; Reinsurance Intermediary-Brokers.
Full text of Alabama Code of Alabama § 27-5A-4 — Required Contract Provisions; Reinsurance Intermediary-Brokers., with citation guidance and answers to common questions.
§ 27-5A-4. Required Contract Provisions; Reinsurance Intermediary-Brokers.
Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that:
(1) The insurer may terminate the reinsurance intermediary-broker’s authority at any time.
(2) The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing, to the reinsurance intermediary-broker, and remit all funds due to the insurer within 30 days of receipt.
(3) All funds collected for the insurer’s account shall be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank which is a qualified U.S. financial institution as defined herein.
(4) The reinsurance intermediary-broker shall comply with Section 27-5A-5.
(5) The reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.
(6) The reinsurance intermediary-broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-5A-4
What does Code of Alabama § 27-5A-4 cover?
Section 27-5A-4 ("Required Contract Provisions; Reinsurance Intermediary-Brokers.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 27-5A-4?
A common citation format is "Code of Alabama § 27-5A-4" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 27-5A-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.