Alabama § 41-15-5 - Basis Upon Which Premiums Charged Generally; Reinsurance.
Full text of Alabama Code of Alabama § 41-15-5 — Basis Upon Which Premiums Charged Generally; Reinsurance., with citation guidance and answers to common questions.
§ 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.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 41-15-5
What does Code of Alabama § 41-15-5 cover?
Section 41-15-5 ("Basis Upon Which Premiums Charged Generally; Reinsurance.") 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 § 41-15-5?
A common citation format is "Code of Alabama § 41-15-5" (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 § 41-15-5 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.