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27-31B-12
Section 27-31B-12 Legal investments. (a) An association captive insurance company, risk
retention group, and an industrial insured captive insurance company insuring the risks of
an industrial insured group defined in paragraph b. of subdivision (18) of Section
27-31B-2 shall comply with the investment requirements contained in this title, as applicable;
provided, however, that compliance with these investment requirements shall be waived for
risk retention groups to the extent that credit for risks ceded to reinsurers is allowed pursuant
to Section 27-31B-13 or to the extent otherwise deemed reasonable and appropriate by
the commissioner. Chapter 37 of this title shall apply to association captives, risk retention
groups, and industrial insured captive insurance companies insuring the risks of industrial
insured groups defined in paragraph b. of subdivision (18) of Section 27-31B-2 except
to the extent it is inconsistent with approved accounting standards in use by the association...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-12.htm - 2K - Match Info - Similar pages
35-10-92
Section 35-10-92 Submission of a satisfaction of a security instrument for recording.
(a) A secured creditor shall submit for recording a satisfaction of a security instrument
within 30 days after the creditor receives full payment and performance of the secured obligation,
and the secured creditor has no obligation to make advances, incur obligations, or otherwise
give value under any agreement. Equity line security instruments are fully paid and performed
only if, in addition to full payment and performance, the equity line previously has been
closed pursuant to the request of the entitled person or the entitled person's authorized
agent or otherwise closed as provided by law and all secured obligations have been paid in
full. (b) Notwithstanding anything to the contrary in this article, any notification demanding
satisfaction of the security instrument must be sent to the secured creditor's address by
a method that also provides proof of receipt by the secured creditor. (c) A...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-92.htm - 3K - Match Info - Similar pages
5-5A-23
Section 5-5A-23 Investments and loans with respect to housing. (a) Banks, insurance
companies and savings and loan associations are authorized: (1) To make such loans and advances
of credit and purchases of obligations representing loans and advances of credit as are eligible
for insurance and to obtain such insurance; and (2) To make such loans secured by real property
or leasehold as the Federal Housing Administrator insures or makes a commitment to insure
and to obtain such insurance. (b) It shall be lawful for banks, insurance companies or savings
and loan associations to purchase, invest in and dispose of bonds or notes secured by mortgages
issued by the Federal Housing Administrator and in securities issued by national mortgage
associations. (c) No law of this state requiring security upon which loans or investments
may be made, or prescribing or limiting interest rates upon loans or investments, or prescribing
or limiting the period for which loans or investments may be made...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-23.htm - 2K - Match Info - Similar pages
8-37-3
Section 8-37-3 (Effective January 1, 2018) GAP waivers authorized; charges; insurance;
creditor requirements. (a) GAP waivers may be offered, sold, or provided to borrowers in this
state under this chapter. (b) GAP waivers, at the option of the creditor that offers the GAP
waiver, may be sold for a single payment or may be offered with a monthly or periodic payment
option. (c) Notwithstanding any other provision of law and subject to Section 8-37-7,
any cost to the borrower for a GAP waiver entered into in compliance with The Truth in Lending
Act, 15 U.S.C. ยง1601 et seq., and its implementing regulations, as they may be amended from
time to time, shall be separately stated and is not to be considered a finance charge or interest.
If the charge for a GAP waiver is financed, the charge shall be separately itemized on the
finance agreement. (d) A retail seller shall insure its GAP waiver obligations under a contractual
liability or other insurance policy issued by an insurer. A creditor,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-37-3.htm - 3K - Match Info - Similar pages
27-14-5
Section 27-14-5 Power to contract; purchase of insurance by or for minors. (a) Any person
of competent legal capacity may contract for insurance. (b) Any minor of the age of 15 years
or more, as determined by the nearest birthday, may, notwithstanding his minority, contract
for annuities, or for insurance upon his own life, body, health, property, liabilities, or
other interests or on the person of another in whom the minor has an insurable interest. Such
a minor shall, notwithstanding such minority, be deemed competent to exercise all rights and
powers with respect to, or under: (1) Any contract for annuity or for insurance upon his own
life, body, or health; or (2) Any contract such minor effected upon his own property, liabilities,
or other interests or on the person of another, as might be exercised by a person of full
legal age, and may at any time surrender his interest in any such contracts and give valid
discharge for any benefit accruing or money payable thereunder. Such a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-5.htm - 2K - Match Info - Similar pages
27-19-105
Section 27-19-105 Regulations for long-term care policies; outline of coverage, policy
summary, and monthly report. (a) The commissioner may adopt regulations that include standards
for full and fair disclosure setting forth the manner, content, and required disclosures for
the sale of long-term care insurance policies, terms of renewability, initial and subsequent
conditions of eligibility, nonduplication of coverage provisions, coverage of dependents,
preexisting conditions, termination of insurance, continuation or conversion, probationary
periods, limitations, exceptions, reductions, elimination periods, requirements for replacement,
recurrent conditions, and definitions of terms. Regulations under this subsection should recognize
the developing and unique nature of long-term care insurance and the distinction between group
and individual long-term insurance policies. (b) No long-term care insurance policy may do
any of the following: (1) Be cancelled, nonrenewed, or otherwise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-105.htm - 11K - Match Info - Similar pages
27-31B-22
Section 27-31B-22 Protected cell captive insurance companies. (a) One or more sponsors
may form a protected cell captive insurance company under this chapter. (b) A protected cell
captive insurance company formed or licensed under this chapter may establish and maintain
one or more protected cells to insure risks of one or more participants, subject to all of
the following conditions: (1) Each protected cell shall be accounted for separately on the
books and records of the protected cell captive insurance company to reflect the financial
condition and results of operations of the protected cell, net income or loss, dividends or
other distributions to participants, and other factors as may be provided in the participant
contract or required by the commissioner. (2) The assets of a protected cell shall not be
chargeable with liabilities arising out of any other insurance business the protected cell
captive insurance company may conduct. (3) No sale, exchange, or other transfer of assets...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-22.htm - 4K - Match Info - Similar pages
27-4-2
Section 27-4-2 Advance fees, licenses, and miscellaneous charges. (a) The Commissioner
of Insurance shall collect in advance fees, licenses, and miscellaneous charges as follows:
(1) Certificate of authority: a. Initial application for original certificate of authority,
including the filing with the commissioner of all documents incidental thereto ..... $500
b. Issuance of original certificate of authority ..... 500 c. Annual continuation or renewal
fee ..... 500 d. Reinstatement fee ..... 500 (2) Charter documents, filing with the commissioner
amendment to articles of incorporation or of association, or of other charter documents or
to bylaws ..... 25 (3) Solicitation permit, filing application and issuance ..... 250 (4)
Annual statement of insurer, except when filed as part of application for original certificate
of authority, filing ..... 25 (5) Producer license (resident or nonresident): a. Individuals:
1. Application fee (For filing of initial application for license) ..... 30 2....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4-2.htm - 4K - Match Info - Similar pages
36-29-1
Section 36-29-1 Definitions. When used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
BOARD. The State Employees' Insurance Board. (2) CLASS. An employee or retiree shall be included
in one of the following classes: (i) active employee single, (ii) active employee family,
(iii) non-Medicare retiree single, (iv) non-Medicare retiree family, (v) Medicare retiree
single, (vi) Medicare retiree family, (vii) non-Medicare retiree with Medicare eligible dependent(s),
or (viii) Medicare retiree with non-Medicare dependent(s). (3) EMPLOYEE. A person who works
full time for the State of Alabama or for a county health department and who receives his
or her full compensation on a monthly basis through means of a state warrant drawn upon the
State Treasury or by check drawn by the Treasurer of the Alabama State Port Authority or by
check drawn by the treasurer of the Alabama state agency for surplus property...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-29-1.htm - 11K - Match Info - Similar pages
27-41-33
Section 27-41-33 Particular investments - Loans on personal property; chattel mortgages.
In connection with mortgage loans made under subdivisions (2) and (3) of Section 27-41-29,
an insurer may loan on the value of personal property items listed in the Department of Housing
and Urban Development Commitment for Insurance or the Veterans Administration Certificates
of Reasonable Value. Nothing in this section shall be deemed to prevent an insurer
from taking liens on personal property items as additional security for any investment eligible
for investment under this chapter. Domestic life insurance companies are authorized to invest,
within the limitations set forth in this section, in chattel mortgages resulting from
the financing of tangible personal property, which mortgages must constitute valid first liens
on the chattels mortgaged. The maximum amount of such mortgages to be admitted as assets shall
not exceed one half of the amount of surplus remaining after deducting from capital...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-33.htm - 1K - Match Info - Similar pages
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