27-10-38
Section 27-10-38 Short title. This article constitutes, and may be referred to as, "the
surplus line insurance law." (Acts 1971, No. 407, p. 707, §194.)...
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37-2-30
Section 37-2-30 Sale of unclaimed freight - Insurance; application of proceeds; record;
disposition of surplus. (a) The transportation company may insure the freight, at the expense
of the owner, from the date of its arrival to the sale above authorized. (b) A record shall
be kept of the articles sold and of the price obtained therefor, transportation charges, cost
of insurance and all charges incident to storage, advertisement and sale. (c) The proceeds
of any sale made under Section 37-2-28 or Section 37-2-29 shall be applied to
the payment of the charges enumerated in subsection (b) of this section, and the residue,
if any, shall be paid over to the party entitled thereto, if known, at the time of such sale;
otherwise, such surplus shall be paid to the party entitled thereto, if demanded, at any time
within two years from the date of such sale. (Code 1867, §1886, Code 1876, §2142; Code 1886,
§1183; Code 1896, §4227; Code 1907, §6140; Acts 1911, No. 320, p. 387; Code 1923,...
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27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall
be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital
and surplus as follows: (1) In the case of a pure captive insurance company, not less than
two hundred fifty thousand dollars ($250,000) or such other amount determined by the commissioner
and actuarially supported by a feasibility study. (2) In the case of an association captive
insurance company or risk retention group, not less than five hundred thousand dollars ($500,000)
or such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
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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...
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27-7-2
Section 27-7-2 Applicability of chapter. (a) This chapter governs the qualifications
and procedures for the licensing of insurance producers and service representatives. It simplifies
and organizes some statutory language to improve efficiency, permits the use of new technology,
and reduces costs associated with issuing and renewing insurance licenses. (b) This chapter
does not apply to surplus line brokers licensed pursuant to Section 27-10-24, except
as provided in Section 27-7-28. (c) This chapter does not apply to title insurance.
(Acts 1957, No. 530, p. 726, § 1; Acts 1971, No. 407, p. 707, § 113; Acts 1988, No. 88-123,
p. 159, § 1; Act 2001-702, p. 1509, § 1.)...
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32-2-10
Section 32-2-10 Insurance for employees. The state Department of Public Safety is authorized,
subject to approval by the Governor, to insure its employees in some insurance company or
companies authorized to do business in the State of Alabama against personal injury or death
caused by accident or violence while discharging their duties as such employees; provided,
the amount of insurance to be procured as to any such employee shall not exceed the amount
which would be payable to such employee under the workmen's compensation laws of the State
of Alabama if such employee were privately employed; except, that such policy may provide
additional benefits not to exceed $10,000.00 per employee for the payment of hospital and
medical expenses. The cost of such insurance shall be paid by the state Department of Public
Safety out of any funds appropriated to its use in manner provided by law. (Acts 1943, No.
388, p. 606; Acts 1953, No. 722, p. 976.)...
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27-12-17
Section 27-12-17 Collection of premiums or charges when insurance not provided; excess
premium or charge. (a) No person shall willfully collect any sum as premium or charge for
insurance which insurance is not then provided or is not in due course to be provided, subject
to acceptance of the risk by the insurer, by an insurance policy issued by an insurer as permitted
by this title. (b) No person shall willfully collect as premium or charge for insurance any
sum in excess of the premium or charge applicable to the insurance and as specified in the
policy in accordance with the applicable classifications and rates as filed with, and approved
by, the commissioner or, in cases where classifications, premiums, or rates are not required
by this title to be so filed and approved, the premiums and charges shall not be in excess
of those specified in the policy and as fixed by the insurer. This section shall not
be deemed to prohibit the charging and collection by surplus line brokers licensed...
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27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions;
validity of contracts. (a) No person shall in this state, directly or indirectly, act as agent
for, or otherwise represent or aid on behalf of another, any insurer not then authorized to
transact such insurance in this state in the solicitation, negotiation, or effectuation of
insurance or annuity contracts, forwarding of applications, delivery of policies or contracts,
inspection of risks, fixing of rates, investigation or adjustment of losses, collection of
premiums, or in any other manner in the transaction of insurance with respect to subjects
of insurance resident, located or to be performed in this state. (b) This section shall
not apply to: (1) Acceptance of service of process by the commissioner under Section
27-10-52; (2) Surplus lines insurance or coverage specified in Section 27-10-34 and
other transactions as to which a certificate of authority is not required of an insurer; (3)
Adjustment...
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27-2-20
Section 27-2-20 Examinations - Power generally. (a) If he has reason to believe that
any such person has violated or is violating any provision of this title or upon complaint
by any resident of this state indicating that any such violation may exist, the commissioner
may examine the accounts, records, documents, and transactions pertaining to or affecting
the insurance affairs of any: (1) General agent, agent, broker, surplus line broker, solicitor,
or adjuster; (2) Person having a contract or power of attorney under which he enjoys in fact
the exclusive or dominant right to manage or control an insurer; or (3) Person engaged in
or proposing to be engaged in or assisting in the promotion or formation of a domestic insurer,
insurance holding corporation, or corporation to finance a domestic insurer or the production
of its business. (b) The commissioner may examine the insurance affairs and transactions of
the attorney-in-fact of a reciprocal insurer in the same manner and on the same...
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27-3-4
Section 27-3-4 Authority to transact insurance - Eligibility. To qualify for and hold
authority to transact insurance in this state, an insurer must be otherwise in compliance
with this title and with its charter powers and must be an incorporated stock insurer or an
incorporated mutual insurer or a reciprocal insurer, all of the same general type as may be
formed as a domestic insurer under this title; except that: (1) No foreign insurer shall be
authorized to transact insurance in this state which does not maintain reserves as required
by Chapter 36 of this title applicable to the kind, or kinds, of insurance transacted by such
insurer, wherever transacted in the United States, or which transacts insurance in the United
States on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar
plan; (2) Any foreign insurer which has transacted insurance as an authorized insurer in its
state or country of domicile for less than five years shall not be authorized...
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