The purpose of this chapter is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payments and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies and to provide an association to assess the cost of such protection among insurers.
Ala. Code § 27-42-2
Purpose of Chapter.
Known as the Alabama Insurance Guaranty Association Act
The act spans §§ 27–27 (21 sections).
(Acts 1980, No. 80-806, p. 1639, §2.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.