27-43-8
Section 27-43-8 Filing of application for certificate of authority; contents of application; issuance of certificate. (a) The incorporators shall file with the commissioner an application for a certificate of authority to do business upon a form to be furnished by the department, which shall include or have attached the following: (1) The names and, for the preceding 10 years, all addresses and all occupations of all incorporators and proposed directors and officers; (2) A certified copy of the corporate articles and bylaws and a list of the names, addresses, and occupations of all directors and principal officers and, if previously incorporated, for the three most recent years, the corporation annual statements and reports; (3) All agreements relating to the corporation to which any incorporator or proposed director or officer is a party; (4) A statement of the amount and sources of the funds available for organization expenses and the proposed arrangements for reimbursement and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-8.htm - 3K - Match Info - Similar pages
27-28-2
Section 27-28-2 Plan for exchange of stock, etc., between domestic stock insurer and holding company - Procedure for exchange. A plan of exchange shall be adopted and become effective in the following manner: (1) APPROVAL OF THE BOARDS OF DIRECTORS. - The boards of directors of each corporate party to the plan of exchange by resolution shall adopt the plan of exchange which shall set forth the terms and conditions of the exchange and the mode of carrying the same into effect and such other provisions with respect to the exchange as may be deemed necessary or desirable. (2) APPROVAL OF COMMISSIONER. - Every plan of exchange, before being submitted to vote of the stockholders pursuant to subdivision (3) of this section, shall be submitted for approval to the commissioner in accordance with the following procedure: a. After the approval required by subdivision (1) of this section is obtained, the domestic company shall submit to the commissioner three copies of the plan of exchange and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-28-2.htm - 13K - Match Info - Similar pages
27-44-9
Section 27-44-9 Assessments. (a) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary. Assessments shall be due not less than 30 days after prior written notice to the member insurers and shall accrue interest at six percent per annum on and after the due date. (b) There shall be two classes of assessments, as follows: (1) Class A assessments shall be authorized and called for the purpose of meeting administrative and legal costs and other expenses. Class A assessment may be authorized and called whether or not related to a particular impaired or insolvent insurer. (2) Class B assessments shall be authorized and called to the extent necessary to carry out the powers and duties of the association under Section 27-44-8 with regard to an impaired or insolvent insurer. (c)(1) The amount of a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-9.htm - 8K - Match Info - Similar pages
27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance or annuities and benefits incidental thereto. A life insurer organized under the laws of this state may, by or pursuant to a resolution of its board of directors, establish one or more separate accounts and may allocate thereto amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts or both, subject to the following: (1) The income, gains, and losses, realized or unrealized, from assets allocated to a separate account shall be credited to, or charged against, the account, without regard to other income, gains, or losses of the insurer; (2) Except as provided in this section, amounts allocated to any separate account, and accumulations thereon, may be invested and reinvested without regard to any requirements or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-38-1.htm - 6K - Match Info - Similar pages
27-42-5
Section 27-42-5 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCOUNT. Any one of the three accounts created by Section 27-42-6. (2) AFFILIATE. A person who directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person on December 31 of the year immediately preceding the date the insurer becomes an insolvent insurer. (3) ASSOCIATION. The Alabama Insurance Guaranty Association created under Section 27-42-6. (4) CLAIMANT. Any insured making a first party claim or any person instituting a liability claim. The term does not include a person who is an affiliate of an insolvent insurer. (5) COMMISSIONER. The Commissioner of Insurance of the State of Alabama. (6) CONTROL. The possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-5.htm - 5K - Match Info - Similar pages
27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions in this section apply throughout this article. (1) APPLICANT. In the case of: a. An individual long-term care insurance policy, the person who seeks to contract for benefits. b. A group long-term care insurance policy, the proposed certificate holder. (2) CERTIFICATE. Any certificate issued under a group long-term care insurance policy, which policy has been delivered or issued for delivery in this state. (3) COMMISSIONER. The Alabama Commissioner of Insurance. (4) GROUP LONG-TERM CARE INSURANCE. A long-term care insurance policy which is delivered or issued for delivery in this state and issued to any of the following: a. One or more employers or labor organizations, or to a trust or to the trustees of a fund established by one or more employers or labor organizations, or a combination thereof, for employees or former employees or a combination thereof, or for members or former members or a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-103.htm - 9K - Match Info - Similar pages
27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report annually to the commissioner information substantially the same as that required to be reported on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit to examination of its books and records by the commissioner and bear the expense of examination. (b)(1) Credit for reinsurance shall not be granted under this section unless the form of the trust and any amendments to the trust have been approved by either: a. The commissioner of the state where the trust is domiciled. b. The commissioner of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-7.htm - 7K - Match Info - Similar pages
23-1-178
Section 23-1-178 Bonds - Disposition of proceeds. (a) The proceeds of all bonds, other than refunding bonds, issued by the corporation remaining after paying the expenses of their issuance shall be deposited in the State Treasury and credited to the Road and Bridge Fund, and shall be subject to be drawn on by the corporation, upon the approval of the State Department of Transportation, but solely for the purpose of constructing, reconstructing , or relocating public roads and bridges, or work incidental or related thereto, including the acquisition of property necessary therefor, in the State of Alabama; provided, that such funds may be used only for payment of the state's share or the costs thereof to be paid by any county or municipality within the state, of the cost of constructing, reconstructing, or relocating public roads and bridges, or work incidental or related thereto, which have been or will be constructed, reconstructed, or relocated under programs financed jointly by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-178.htm - 5K - Match Info - Similar pages
27-31B-16
Section 27-31B-16 Tax on premiums collected. (a) Each captive insurance company shall pay to the commissioner, by March 1 of each year, a tax at the rate of four-tenths of one percent on the first 20 million dollars, three-tenths of one percent on the next 20 million dollars, two-tenths of one percent on the next 20 million dollars, seventy-five thousandths of one percent on each dollar thereafter on the direct premiums collected or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending December 31 next preceding, after deducting from the direct premiums subject to the tax the amounts paid to policyholders as return premiums which shall include dividends on unabsorbed premiums or premium deposits returned or credited to policyholders. Notwithstanding the foregoing, no tax shall be due or payable as to considerations received for annuity contracts. (b) Each captive insurance company shall pay to the commissioner by March 1 of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-16.htm - 6K - Match Info - Similar pages
23-1-158
Section 23-1-158 Bonds - Disposition of proceeds. (a) The proceeds of all bonds, other than refunding bonds, issued by the corporation, remaining after paying the expenses of their issuance, shall be turned in to the Treasury or shall be deposited into such account or accounts as specified in the resolution of the board of directors whereunder such bonds are authorized to be issued, and shall be subject to be drawn on upon the approval of the Department of Transportation solely for the purpose of constructing, reconstructing, and relocating public roads, bridges and approaches thereto, tunnels, other public roadway improvements, or work incidental or related thereto, in the State of Alabama, including the acquisition of property necessary for such construction, reconstruction, and relocation and incidental and related work. If action is necessary in order to comply with any federal legislation relating to federal aid in construction of roads, the corporation may authorize the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-158.htm - 5K - Match Info - Similar pages
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