Increased Policy Fees for Alabama Agents
Effective 9/1/2016
The Alabama Department of Insurance has issued a Bulletin increasing the maximum fee amounts agents can charge when issuing property and casualty policies.
A listing of the new fees that can be charged is located on the bulletin and below:
Fee Changes:
- New Application: $25 $30
- Rewrite canceled or lapsed application: $25 $30
- Reinstatement fee: $10 $15
These administrative fees are separate and distinct from the insurance company’s premium and must be disclosed to consumers as a separate charge by the producer.
For more detailed information, please see Bulletin xxx-2016, located here: Bulletin 2016-06
Or you can access the bulletin on the Department of Insurance site, here: Bulletin 2016-06 AL DOI
We hope this information is helpful to you. As always, please contact us at 1-888-501-7330 if we can be of assistance to you.
This information is provided as a service to assist agents with their licensing and compliance needs. While we strive to provide information that is both helpful and accurate, BetterCE does not provide this information as legal advice and takes no responsibility for the content provided within.
