What must every premium rate filing by a title insurer state according to the Alabama Title Insurance Act?

Every premium rate filing by a title insurer in Alabama must state the effective date, which is crucial for determining when the proposed rates will be applicable. This ensures clarity and compliance with regulations, allowing those involved in real estate transactions or title insurance to understand the timeline for the implementation of these rates.

The effective date is significant because it marks the start of the new premium rates and ensures that insurance providers and consumers are on the same page regarding costs associated with title services. This transparency is vital in the insurance industry, where changes in rates can have substantial financial implications for both insurers and policyholders. By clearly stating the effective date, the title insurer adheres to the requirements established by the Alabama Title Insurance Act, promoting accountability and trust within the industry.

While other aspects of premium rate filings, such as promulgated rates, endorsement provisions, and reissue dates, are important, they do not carry the same foundational requirement of establishing a clear and enforceable start date for the rates.