§ 38-43-430

Extension to the insured or applicant for insurance of his credit with an insurer by a producer, agency, or producer of record constitutes the advancing of premiums within the meaning of this article and the premiums are considered to have been advanced as of the effective date of the policy or binder of insurance notwithstanding that the producer, agency, or producer of record remitted to the insurer at a different time or remitted to the insurer net of commission. HISTORY: Former 1976 Code Section 38-43-430 [1947 (45) 322; 1952 Code Section 37-683; 1962 Code Section 37-683] recodified as Section 38-73-430 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-51-430 [1962 Code Section 37-259.16; 1969 (56) 780] recodified as Section 38-43-430 by 1987 Act No. 155, Section 1; 2002 Act No. 323, Section 2, eff January 31, 2003.