27-33-2
Section 27-33-2 Deposit of assets in trust. (a) An alien insurer may use Alabama as
a state of entry to transact insurance in the United States by making and maintaining in this
state a deposit of assets in trust with a solvent bank or trust company approved by the commissioner.
(b) The deposit, together with other trust deposits of the insurer held in the United States
for the same purpose, shall be in amount not less than the deposits required of an alien insurer
under Section 27-3-14 and shall consist of cash and/or securities eligible for the
investment of the funds of like domestic insurers. (c) Such a deposit may be referred to as
"trusteed assets." (Acts 1971, No. 407, p. 707, §657.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-33-2.htm - 1K - Match Info - Similar pages

5-13B-131
Section 5-13B-131 Establishment of interstate branches in this state by out-of-state
foreign banks. (a) Except as provided in subsection (b), an out-of-state foreign bank may
establish an interstate Alabama state branch in the same manner, including by merger or other
transactions under Section 44 of the Federal Deposit Insurance Act, and comparable
provisions of the laws of this state, with Alabama banks or other institutions, as, and subject
generally to the same criteria, standards, conditions, requirements, and procedures applicable
to the establishment of interstate branches in this state by, an out-of-state bank having
the same home state in the United States, notwithstanding any provision of the laws or regulations
of this state to the contrary. (b) Notwithstanding the provisions of subsection (a), the superintendent:
(1) Shall apply to the establishment of an initial interstate Alabama state branch, and subsequent
intrastate Alabama branches, of any out-of-state foreign bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-131.htm - 2K - Match Info - Similar pages

5-13B-40
Section 5-13B-40 Purpose. (a) This article is intended generally to provide for state
regulation of the participation by foreign banks in the financial markets of this state. (b)
Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal
Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act, this article
is intended specifically: (1) To authorize banking activities and operations, under state
licenses issued by the superintendent, of direct branch and agency offices in this state of
foreign banks, generally under terms and conditions not less favorable than the terms and
conditions under which such activities and operations may be conducted by federal branch or
agency offices of foreign banks in the United States, and to set forth a statutory framework
for the licensing, regulation and supervision of such state-licensed offices of foreign banks
by the superintendent to assure the safe and sound operation of such offices...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-40.htm - 1K - Match Info - Similar pages

5-13B-80
Section 5-13B-80 Purpose. Consistent with the federal International Banking Act, the
Bank Holding Company Act, the Federal Deposit Insurance Act, and the Interstate Banking and
Branching Efficiency Act, this division is intended: (1) To authorize banking activities and
operations, under state licenses issued by the superintendent, of direct branch and agency
offices in this state of foreign banks, generally under terms and conditions not less favorable
than the terms and conditions under which such activities and operations may be conducted
by federal branch or agency offices of foreign banks in the United States, and to set forth
a statutory framework for the licensing, regulation, and supervision of such state-licensed
offices of foreign banks by the superintendent to assure the safe and sound operation of such
offices that are licensed under the laws of this state; and (2) To authorize representative
offices in this state of foreign banks, and to set forth statutory provisions...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-80.htm - 1K - Match Info - Similar pages

5-13B-108
Section 5-13B-108 Disclosure of lack of deposit insurance. Each foreign bank which is
licensed to establish and maintain an Alabama state branch or Alabama state agency shall,
in a manner established by the superintendent by regulation or order, give notice that deposits
and credit balances in such office are not insured by the Federal Deposit Insurance Corporation.
(Acts 1995, No. 95-115, p. 134, §56.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-108.htm - 715 bytes - Match Info - Similar pages

5-13B-21
Section 5-13B-21 Definitions. As used in this article, unless a different meaning is
required by the context, the following words and phrases shall have the following meanings:
(a) "Alabama bank" means a bank whose home state is Alabama. (b) "Alabama state
bank" means a bank chartered under the laws of Alabama. (c) "Bank" has the
same meaning as set forth in 12 U.S.C. §1813(h); provided that the term "bank"
shall not include any "foreign bank" as defined in 12 U.S.C. §3101(7), except that
such term shall include any foreign bank organized under the laws of a territory of the United
States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, the deposits of which are
insured by the Federal Deposit Insurance Corporation. (d) "Bank holding company"
has the meaning set forth in 12 U.S.C. §1841(a) (1). (e) "Bank supervisory agency"
means: (1) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation,
the Board of Governors of the Federal Reserve...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-21.htm - 3K - Match Info - Similar pages

2-6-84
Section 2-6-84 Securities as legal investments. Securities issued by the corporation
under the provisions of this article shall be legal investments for fiduciaries investing
trust funds and for investments by savings banks, savings and loan associations and insurance
companies organized under the laws of the state and shall be eligible to be used as security
for the deposit of funds of the state and its instrumentalities. (Acts 1984, No. 84-252, p.
405, §15.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-6-84.htm - 770 bytes - Match Info - Similar pages

41-10-467
Section 41-10-467 Bonds may be used to secure deposit and for investment of fiduciary
funds. The state and all public officers, municipal corporations, political subdivisions,
and public bodies, all banks, bankers, trust companies, savings banks and institutions, building
and loan associations, savings and loan associations, investment companies, and other persons
carrying on a banking business, all insurance companies, insurance associations and other
persons carrying on an insurance business and all executors, administrators, guardians, trustees
and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging
to them or within their control in any bonds of the authority, and such bonds shall be authorized
security for all public deposits, it being the purpose of this article to authorize any persons,
firms, corporations, associations, political subdivisions, bodies, and officers, public or
private, to use any funds owned or controlled by them, including,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-467.htm - 1K - Match Info - Similar pages

2-6-124
Section 2-6-124 Investments. The state and all public officers, municipal corporations,
political subdivisions and public bodies, all banks, bankers, trust companies, savings banks
and institutions, building and loan associations, savings and loan associations, investment
companies, and other persons carrying on a banking business, all insurance companies, insurance
associations and other persons carrying on an insurance business and all executors, administrators,
guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys, or
other funds belonging to them or within their control in any bonds of the corporation, and
the bonds shall be authorized security for all public deposits, it being the purpose of this
article to authorize any persons, firms, corporations, associations, political subdivisions,
bodies and officers, public or private, to use any funds owned or controlled by them, including,
but not limited to, sinking, insurance, investment, retirement,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-6-124.htm - 1K - Match Info - Similar pages

27-27-18
Section 27-27-18 Domestic mutual insurers - Deposit in trust of premiums or fees on
qualifying applications. (a) All sums collected by a domestic mutual corporation as premiums
or fees on qualifying applications for insurance therein shall be deposited in trust in a
bank or trust company in this state under a written trust agreement approved by the commissioner
and consistent with this section and with subdivision (c) (3) of Section 27-27-17.
The corporation shall file an executed copy of such trust agreement with the commissioner.
(b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind
of insurance for which such applications were solicited, all funds so held in trust shall
become the funds of the insurer, and the insurer shall, thereafter in due course, issue and
deliver its policies for which premiums had been paid and accepted. The insurance provided
by such policies shall be effective as of the date of the certificate of authority or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-18.htm - 1K - Match Info - Similar pages