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.
Ala. Code § 41-15-5
Basis Upon Which Premiums Charged Generally; Reinsurance.
Applied in 1 court decision — leading case 124 F. Supp. 2d 1250 - Alabama v. Shalala (2000)
Most recently applied in 124 F. Supp. 2d 1250 - Alabama v. Shalala (December 2000)
(Acts 1923, No. 593, p. 769; Code 1923, §8543; Acts 1936-37, Ex
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.