27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit to exist a certificate of authority as to any insurer, other than an alien insurer, unless it has deposited and maintains deposited in trust with the Treasurer of this state cash or securities eligible under Section 27-6-3 and having a value at all times of not less than $100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual or reciprocal insurer, required to be maintained by the insurer under this title for authority to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b) The deposit shall be for the general benefit and protection of the insurer's policyholders or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section 27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-30-5
Section 27-30-5 Authorization to act as, or for, association - Requirements. No person shall hereafter be authorized or hold authority to transact business in this state as a mutual aid association unless it is otherwise in compliance with this chapter and meets the following requirements: (1) Must be a corporation heretofore or hereafter lawfully formed under the laws of the State of Alabama; (2) If a stock corporation, and except as provided in Section 27-30-6, must have and maintain unimpaired paid-in capital stock of not less than $50,000.00 and, if newly organized, must have, in addition when first so authorized, a paid-in surplus of not less than $75,000.00; (3) If a mutual corporation, and except as provided in Section 27-30-6, must have applications for benefits and paid-in fees, dues, assessments, or contributions, if required under Section 27-30-27, and must thereafter have and maintain unimpaired surplus funds, representing the excess of its admitted assets over all its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-5.htm - 2K - Match Info - Similar pages
27-34-16
Section 27-34-16 Incorporation of existing unincorporated domestic voluntary associations. (a) After January 1, 1973, no unincorporated or voluntary association shall be permitted to transact business in this state as a fraternal benefit society. (b) Any domestic voluntary association now authorized to transact business in this state may incorporate and shall receive from the commissioner a permanent certificate of incorporation as a fraternal benefit society when: (1) It has completed its conversion to an incorporated society not later than January 1, 1974; (2) It has filed its articles of incorporation and has satisfied the other requirements described in Sections 27-34-9 through 27-34-13; and (3) The commissioner has made such examination and procured whatever additional information he deems advisable. (c) Every voluntary association so incorporated shall incur the obligations and enjoy the benefits thereof the same as though originally incorporated, and such corporation shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-16.htm - 1K - Match Info - Similar pages
27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under Sections 27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist of certified checks, or certificates of deposit or any combination of securities, the market value of which is readily ascertainable, and, if negotiable by delivery or assignment, of the kinds described below: (1) United States government obligations; (2) State, county, municipal, and school obligations; (3) Public improvement obligations; (4) Housing authority obligations; (5) Obligations, stock of certain federal agencies; (6) Canadian governmental obligations; (7) International banks; (8) Corporate obligations; (9) Equipment trust obligations; and (10) Railroad leased lines, terminal obligations. (b) All such deposits required of a domestic insurer pursuant to the laws of another state, province, or country shall be comprised of securities, if negotiable by delivery or assignment, of the kind,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-3.htm - 3K - Match Info - Similar pages
40-23-5
Section 40-23-5 Certain organizations and vendors exempt from payment of state, county, and municipal sales and use taxes. (a) The Diabetes Trust Fund, Inc., and any of its branches or agencies, heretofore or hereafter organized and existing in good faith in the State of Alabama for purposes other than for pecuniary gain and not for individual profit, are exempted from paying any state, county, or municipal sales or use taxes. (b) The Chilton County Rescue Squad is exempted from paying any sales or use taxes. (c) The state headquarters only of the American Legion, the American Veterans of World War II, Korea, and Vietnam, also known as AMVETS, the Disabled American Veterans, the Veterans of Foreign Wars, also known as VFW, Alabama Goodwill Industries, and the Alabama Sight Conservation Association are exempted from paying any state, county, or municipal sales or use taxes. (d) The Grand Chapter of all Orders of the Eastern Star and the South Alabama State Fair Association Southeastern...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-5.htm - 8K - Match Info - Similar pages
40-27-1
a tax measured in any way by the capital of a corporation considered in its entirety. 6. "Gross receipts tax" means a tax, other than a sales tax, which is imposed on or measured by the gross volume of business, in terms of gross receipts or in other terms, and in the determination of which no deduction is allowed which would constitute the tax an income tax. 7. "Sales tax" means a tax imposed with respect to the transfer for a consideration of ownership, possession or custody of tangible personal property or the rendering of services measured by the price of the tangible personal property transferred or services rendered and which is required by state or local law to be separately stated from the sales price by the seller, or which is customarily separately stated from the sales price, but does not include a tax imposed exclusively on the sale of a specifically identified commodity or article or class of commodities or articles. 8. "Use tax" means a nonrecurring tax, other than a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
6-6-26.01
Section 6-6-26.01 Definitions. In this division: (1) "Collaborative law communication" means a statement, whether oral or in a record, or verbal or nonverbal, that: (A) is made to conduct, participate in, continue, or reconvene a collaborative law process; and (B) occurs after the parties sign a collaborative law participation agreement and before the collaborative law process is concluded. (2) "Collaborative law participation agreement" means an agreement by persons to participate in a collaborative law process. (3) "Collaborative law process" means a procedure intended to resolve a collaborative matter without intervention by a tribunal in which persons: (A) sign a collaborative law participation agreement; and (B) are represented by collaborative lawyers. (4) "Collaborative lawyer" means a lawyer who represents a party in a collaborative law process. (5) "Collaborative matter" means a dispute, transaction, claim, problem, or issue for resolution, including a dispute, claim, or issue...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-6-26.01.htm - 4K - Match Info - Similar pages
10A-21-2.10
Section 10A-21-2.10 Operation of transportation methods for persons or property by railroad, mining, manufacturing, and quarrying companies. Railroad companies and mining, manufacturing, and quarrying companies may contract, purchase, or otherwise acquire, own, operate, and maintain steamboats, barges, ships, and other vessels for transportation of freight and passengers on the navigable waters of this state, any other state or foreign country and on the seas. Railroad companies may purchase or otherwise acquire, own, maintain, and operate motor vehicles for the transportation of persons or property, or both, upon the highways of this state; they may purchase or otherwise acquire, own, maintain, and operate airplanes for the transportation of persons or property, or both, in the air; they may purchase, lease, or otherwise acquire and own the property, rights, and franchises of any individual, firm, partnership, or other association of persons, or corporation, engaged in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-21-2.10.htm - 2K - Match Info - Similar pages
27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive insurance company or a protected cell captive insurance company shall be formed as a stock or mutual insurer, or as a nonprofit or limited liability company with its capital divided into units and held by the stockholders, members, or other equivalent as allowed by law. (b) An association captive insurance company, an industrial insured captive insurance company, or a risk retention group may be formed in any of the following ways: (1) Organized as a stock insurer with its capital divided into share units and held by the stockholders, members, or other equivalent as allowed by law. (2) Organized as a mutual insurer without capital stock, the governing body of which is elected by the member organizations of its association. (3) Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized as a manager-managed limited liability company. (c) A captive insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-8.htm - 6K - Match Info - Similar pages
27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is certified by the commissioner as a reinsurer in this state and secures its obligations in accordance with the requirements of this section. In order to be eligible for certification, the assuming insurer shall meet all of the following requirements: (1) The assuming insurer must be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined by the commissioner pursuant to subsection (c). (2) The assuming insurer must maintain minimum capital and surplus, or its equivalent, in an amount to be determined by the commissioner pursuant to regulation. (3) The assuming insurer must maintain financial strength ratings from two or more rating agencies deemed acceptable by the commissioner pursuant to regulation. (4) The assuming insurer must agree to submit to the jurisdiction of this state, appoint the commissioner as its agent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-8.htm - 9K - Match Info - Similar pages
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