Every insurer failing to comply with the requirements of this chapter shall be subject to a penalty of not less than $1,000 nor exceeding $10,000, recoverable in an action brought by the Attorney General for the commissioner. Upon any violation, the commissioner may suspend or revoke the insurer’s certificate of authority. Penalties recovered under this section shall be paid to the State Treasury to the credit of the State General Fund.
Ala. Code § 27-4A-4
Penalties.
Known as the The Insurance Premium Tax Reform Act
The act spans §§ 27-4A-1 to 27-4A-7 (7 sections).
(Acts 1993, No. 93-679, p. 1291, §4.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.