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Alabama · Through Act 2026-611

Ala. Code § 27-27-9: Solicitation Permit - Modification or Revocation.

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Where this section sits in the code
  1. Title 27 Insurance.
  2. Chapter 27 Organization and Corporate Procedures of Stock and Mutual Insurers.

(a) The commissioner may, for cause, modify a solicitation permit theretofore issued or may, after a hearing, revoke any solicitation permit for violation of any provision of this title, or of the terms of the permit, or of any proper order of the commissioner or for misrepresentation in the offering or sale of securities or policies under the permit.

(b) The commissioner shall revoke the solicitation permit if requested in writing by a majority of the syndicate members, or by a majority of the incorporators and two-thirds of the subscribers to stock or applicants for insurance in the proposed incorporated insurer or corporation or if he is so requested by a majority of the subscribers of a proposed reciprocal insurer.

Collected 2026-09-03T14:01:51Z. Source file · JSON

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