(a) Every agent, broker, and solicitor license in force immediately prior to January 1, 2002, and existing under any law repealed or amended by Act 2001-702, is valid until its original expiration date, unless earlier terminated in accordance with applicable law. Upon the first renewal under Act 2001-702, the respective licenses shall be replaced by a producer license in a form as provided by Act 2001-702, and shall thereafter be subject to continuation, suspension, revocation, or termination as though originally issued under Act 2001-702.
lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alabama Code 27-7-41

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • property: includes both real and personal property. See Alabama Code 1-1-1
(b) Any agent appointment in place immediately prior to January 1, 2002, and existing under any law repealed or amended by Act 2001-702 is valid until its original expiration date, unless earlier terminated in accordance with applicable law. Upon the first renewal under Act 2001-702, the agent appointment shall be replaced by a producer appointment in a form as provided by Act 2001-702, and shall thereafter be subject to continuation or termination as though originally issued under Act 2001-702 as follows:

(1) A life agent appointment shall be replaced with a life producer appointment.
(2) A disability agent appointment shall be replaced with an accident and health or sickness, commonly known as disability, producer appointment.
(3) A credit life agent appointment shall be replaced with a credit producer appointment.
(4) A credit disability agent appointment shall be replaced with a credit producer appointment.
(5) A variable annuities agent appointment shall be replaced with a variable life and variable annuity products producer appointment.
(6) A comprehensive property, casualty, and surety agent appointment shall be replaced with a property and a casualty producer appointment.
(7) An automobile, full coverage, agent appointment shall be replaced with an automobile producer appointment.
(8) An industrial fire, commonly known as debit fire, agent appointment shall be replaced with an industrial fire, commonly known as debit fire, producer appointment.
(9) A bail bond agent appointment shall be replaced with a bail bond producer appointment.
(10) A physical damage on household goods agent appointment shall be replaced with a credit producer appointment.
(11) An automobile physical damage only agent appointment shall be replaced with a credit producer appointment.
(12) A credit property and casualty agent appointment shall be replaced with a credit producer appointment.
(13) A rental vehicle agent appointment shall be replaced with a rental vehicle producer appointment.
(c) Every service representative license in force immediately prior to January 1, 2002, and existing under any law repealed or amended by Act 2001-702 is valid until its original expiration date, unless earlier terminated in accordance with applicable law. Upon the first renewal under Act 2001-702, the respective licenses shall be replaced by a service representative license in a form as provided by Act 2001-702, and shall thereafter be subject to continuation, suspension, revocation, or termination as though originally issued under Act 2001-702.
(d) Any service representative appointment in place immediately prior to January 1, 2002, and existing under any law repealed or amended by Act 2001-702 is valid until its original expiration date, unless earlier terminated in accordance with applicable law. Upon the first renewal under Act 2001-702, the service representative appointment shall be replaced by a service representative appointment in a form as provided by Act 2001-702, and shall thereafter be subject to continuation or termination as though originally issued under Act 2001-702, as follows:

(1) A comprehensive property, casualty, and surety service representative appointment shall be replaced with a property and a casualty service representative appointment.
(2) An automobile, full coverage, service representative appointment shall be replaced with an automobile service representative appointment.
(3) An industrial fire, commonly known as debit fire, service representative appointment shall be replaced with an industrial fire, commonly known as debit fire, service representative appointment.
(4) A bail bond service representative appointment shall be replaced with a bail bond service representative appointment.
(5) A physical damage on household goods service representative appointment shall be replaced with a credit service representative appointment.
(6) An automobile physical damage only service representative appointment shall be replaced with a credit service representative appointment.
  Previous section
Next section  
 Chapter 7 Contents