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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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