26-37-104. Mechanical breakdown insurers; authorization required; application; fee; issuance; renewal; revocation and suspension.
(a) Any person holding a subsisting certificate of authority to transact casualty insurance in this state may apply to the commissioner for authorization to transact mechanical breakdown insurance in this state as a mechanical breakdown insurer.
(b) Application under subsection (a) of this section shall include:
(i) The name and address of the applicant;
(ii) Copies of any subsisting certificates of authority held by the applicant to transact casualty insurance in this state;
(iii) Copies of all policy forms to be used by the applicant;
(iv) A statement delineating the marketing and claims procedures to be used by the applicant along with copies of all relevant forms.
(c) A fee of one hundred dollars ($100.00) shall accompany the application under subsection (b) of this section.
(d) The commissioner shall:
(i) Review the application;
(ii) Notify the applicant of his approval or rejection of the application; and
(iii) Issue a certificate of authority if appropriate.
(e) A certificate of authority is renewable annually unless sooner revoked or suspended.
(f) Mechanical breakdown insurers shall comply with all other provisions of this code relating to the transaction of insurance as an insurer.
(g) The commissioner may revoke or suspend a certificate of authority for any reason enumerated in chapter 3 of this code, following the procedures for hearings in chapter 2 of this code.
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