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10A-20-6.14
Section 10A-20-6.14 Filing of annual statements. (a) On or before the first day of March of
each year, every company transacting business under this article in this state shall file
with the Commissioner of Insurance a statement showing the amount of gross dues received by
it for business done in this state during the preceding calendar year ending December 31 and
the number of contracts or certificates outstanding. (b) The corporation shall, annually,
on or before the first day of March, file in the Office of the Commissioner of Insurance a
statement, verified by at least two of the principal officers of the corporation, showing
its condition on December 31 next preceding, which shall be in the form, and shall contain
the matters, as the Commissioner of Insurance shall prescribe. Every corporation shall set
up as the liability for unperformed contracts or unearned dues on all outstanding certificates
95 percent of the unearned net dues or charges collected on the contracts computed on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.14.htm - 1K - Match Info - Similar pages
27-17A-11
Section 27-17A-11 Application for certificate; statements; issuance; expiration; transfer.
(a) An application to the commissioner for a certificate of authority shall be accompanied
by the statement and other matters described in this section in the form prescribed by the
commissioner. Annually thereafter, within six months after the end of its fiscal period, or
within an extension of time therefor, as the commissioner for good cause may grant, the person
authorized to engage in the sale of preneed contracts shall file with the commissioner a full
and true statement of his or her financial condition, transactions, and affairs, prepared
on a basis as adopted by a rule of the commissioner, as of the preceding fiscal period or
at such other time or times as the commissioner may provide by rule, together with information
and data which may be required by the commissioner. (b) The statement shall include all of
the following: (1) The types of preneed contracts proposed to be written and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-11.htm - 7K - Match Info - Similar pages
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and
other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
27-17A-14
Section 27-17A-14 Surety bond. (a) As an alternative to the trust requirement of Section 27-17A-13,
the details of which are set forth in Articles 3 and 4, a preneed provider may, with the prior
approval of the commissioner, purchase a surety bond in an amount not less than the aggregate
value of outstanding liabilities on undelivered preneed contracts for merchandise, services,
and cash advances. For the purposes of this section, the term outstanding liabilities means
the original retail amount of services and cash advances and the actual cost to the entity
to provide the undelivered merchandise sold on each contract written after April 30, 2002.
The surety bond shall be in an amount sufficient to cover the outstanding liability at the
time each contract is executed. (b) The bond shall be made payable to the State of Alabama
for the benefit of the commissioner and of all purchasers of preneed merchandise, services,
and cash advances. The bond shall be issued by an insurance company...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-14.htm - 4K - Match Info - Similar pages
25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure risks.
An employer subject to this chapter may secure the payment of compensation under this chapter
by insuring and keeping insured his or her liability in some insurance corporation, association,
organization, insurance association, corporation, or association formed of employers and workers
or formed by a group of employers to insure the risks under this chapter, operating by mutual
assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance association,
organization, or corporation shall have first had its contract and plan of business approved
in writing by the Commissioner of the Department of Insurance of Alabama and have been authorized
by the Department of Insurance to transact the business of workers' compensation insurance
in this state and under the plan. Notwithstanding any other provision of the law to the contrary,
the obligations of employers under law for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-8.htm - 14K - Match Info - Similar pages
27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue or
deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such violating
insurer or person if such authority or license is already outstanding. (b) No person shall
issue or deliver, or permit its agents, officers, or employees to issue or deliver, in this
state, any life insurance policy or contract of annuity in which are used such words as "investment
plan," "expansion plan," "profit-sharing," "charter plan,"
"founders'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-10.htm - 2K - Match Info - Similar pages
27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company
in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-2.htm - 10K - Match Info - Similar pages
27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-1.htm - 4K - Match Info - Similar pages
27-34-37
Section 27-34-37 Annual statements - Valuation of certificates; reserves. (a) As a part of
the annual statement required under Section 27-34-36, each society shall, on or before March
1, file with the commissioner a valuation of its certificates in force on December 31 last
preceding; provided, however, that the commissioner may, in his discretion for cause shown,
extend the time for filing such valuation for not more than two calendar months. Such report
of valuation shall show, as reserve liabilities, the difference between the present midyear
value of the promised benefits provided in the certificates of such society in force and the
present midyear value of the future net premiums as the same are in practice actually collected,
not including therein any value for the right to make extra assessments and not including
any amount by which the present midyear value of future net premiums exceeds the present midyear
value of promised benefits on individual certificates. At the option of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-37.htm - 7K - Match Info - Similar pages
27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made under this
title shall be held on deposit as long as there is outstanding any liability of the insurer
with respect to which the deposit was made. (b) Any such deposit shall be released and returned:
(1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact
such insurance in this state, or otherwise, of all liability of the insurer for the security
of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit
is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction,
to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other
properly designated official, or officials, who succeed to the management and control of the
insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon
written authorization of the commissioner and of the insurer or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-15.htm - 2K - Match Info - Similar pages
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