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27-15-52
Section 27-15-52 Definitions. The following terms shall have the following meanings:
(1) COMMERCIALLY REASONABLE EFFORT. The plans, processes, or procedures necessary to confirm
the death of the insured, contract owner or annuitant, or retained asset account holder against
other available records and information and, as applicable, to locate the beneficiary or beneficiaries
or other person entitled to payment pursuant to the terms of the policy or contract which
have been developed by each insurer and submitted to and approved by the department. (2) CONTRACT.
An annuity contract. The term contract shall not include an annuity used to fund an employment-based
retirement plan or program where the insurer is not committed by terms of the annuity contract
to pay death benefits to the beneficiaries of specific plan participants. (3) DEATH MASTER
FILE. The United States Social Security Administration's Death Master File or any other database
or service that is at least as comprehensive as...
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27-17A-10
Section 27-17A-10 Certificate required. (a) No person may sell a preneed contract without
first having a valid certificate of authority. (b)(1) No person may receive any funds for
payment on a preneed contract who does not hold a valid certificate of authority. (2) Any
preneed transaction in which a buyer pays to the seller before need, in whole or in part,
a purchase price for funeral or cemetery merchandise and services, and in which the seller
is not obligated to deliver the contracted for merchandise or to perform the services until
need, in whole or in part, shall be evidenced by a written preneed contract satisfying the
requirements of this chapter and signed by the seller and the purchaser. No person may receive
or accept any form of consideration in such a transaction without a fully signed written preneed
contract. A transaction not evidenced by a signed written preneed contract shall be voidable
at the election of the buyer and, if such election is made, the seller shall...
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35-12-76
Section 35-12-76 Report of abandoned property. (a) A holder of property presumed abandoned
shall make a report to the Treasurer concerning the property. The report shall be filed electronically
and the monies remitted electronically. The Treasurer may grant an exception upon written
request as established by rule. A report should contain only tangible property or intangible
property. If a holder possesses both property types, two reports shall be filed. (b) The report
must be verified, balanced, and must contain, at a minimum, all of the following: (1) A description
of the property. (2) The date, if any, on which the property became payable, demandable, or
returnable, and the date of the last transaction with the apparent owner with respect to the
property. (3) Other information that the Treasurer by rule prescribes as necessary for the
administration of this article. (4) Except with respect to a traveler's check, money order,
or State of Alabama issued payment instruments, the name,...
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36-1-6.1
Section 36-1-6.1 Professional liability coverage for state employees or agents; duties
of Finance Director; self-insurance; costs of insurance. (a) The various state agencies, departments,
boards, or commissions shall determine and report their needs for liability coverage to the
Finance Director, the Insurance Commissioner, and the Attorney General. The Finance Director,
with the advice of the Insurance Commissioner and Attorney General, shall then determine the
type of blanket policy needed to provide basic coverage for deaths, injuries, or damages arising
out of the negligent or wrongful acts or omissions committed by state employees or agents
of the state, including retired licensed physicians and dentists while they are voluntarily
serving at free health care clinics and individuals serving as foster parents licensed or
approved by the Department of Human Resources to maintain homes for a child or children under
the supervision of the department or serving as adult foster care...
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27-27-12
Section 27-27-12 Deposit of solicitation permit funds in escrow - Requirement. (a) All
funds received in Alabama pursuant to a solicitation permit, other than advance premiums for
insurance which are subject to Section 27-27-18, shall, by the permit holder, be deposited
and held in escrow in a bank or trust company located in this state under an agreement approved
by the commissioner. (b) No part of such funds shall be withdrawn from such deposit, except:
(1) For the payment of promotion, sales, and organization expenses as authorized by the solicitation
permit, and funds for such purposes may be withheld from the deposit; (2) For the purpose
of making any deposit with the commissioner required for the issuance of a certificate of
authority to an insurer; (3) If the proposed organization is not to be an insurer, upon completion
of payments on securities subscriptions made under the solicitation permit and deposit or
appropriation of such funds to the purposes specified in the...
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27-3-8
Section 27-3-8 Authority to transact insurance - Kind or combinations of kinds - Special
surplus. (a) In addition to the minimum paid-in capital stock (stock insurers) or minimum
surplus (mutual and reciprocal insurers) required by Section 27-3-7, special surplus
shall be possessed by insurers hereafter applying for original certificates of authority in
this state as follows: (1) All stock insurers and foreign mutual and foreign reciprocal insurers
which have actively transacted insurance in their states or countries of domicile as an authorized
insurer for less than five years and which do not meet the requirements of paragraphs (2)
a or (2) b of Section 27-3-4, when first authorized to transact insurance in this state
shall have a surplus or additional surplus equal to 150 percent of the paid-up capital stock,
if a stock insurer, or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise
required under Section 27-3-7 for the kinds of insurance to be transacted; and (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-8.htm - 2K - Match Info - Similar pages
27-47-2
Section 27-47-2 Deduction for premiums paid for long-term care insurance contract; treatment
of contract; coverage. (a) The premiums paid for a long-term care insurance contract are deductible
pursuant to Section 40-18-15, if the contract meets the following requirements: (1)
Offers coverage only for qualified long-term care services and benefits incidental to the
coverage. (2) Guaranteed renewal. (3) No cash surrender value. (4) All refunds of premiums
and all policyholder dividends or similar amounts under the contract are to be applied as
a reduction in future premiums or to increase future benefits, except for a refund of premiums
on surrender or cancellation of the policy. (b) For purposes of this chapter, a long-term
care insurance contract shall be treated as an accident or health insurance contract. The
amount of coverage under the long-term care insurance contract shall be equal to or greater
than Medicaid coverage for a period of at least three years. (c) An insurance...
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27-5-11
Section 27-5-11 Limits of risk. (a) No insurer shall retain any risk on any one subject
of insurance, whether located or to be performed in this state or elsewhere, in an amount
exceeding 10 percent of its surplus to policyholders. (b) A "subject of insurance,"
for the purposes of this section, as to insurance against fire and hazards other than
windstorm, earthquake, and other catastrophic hazards, includes all properties insured by
the same insurer which are customarily considered by underwriters to be subject to loss or
damage from the same fire or the same occurrence of such other hazard insured against. (c)
Reinsurance ceded as authorized by Section 27-5-12 shall be deducted in determining
risk retained. As to surety risks, deduction shall also be made of the amount assumed by any
established incorporated cosurety and the value of any security deposited, pledged or held
subject to the surety's consent and for the surety's protection. (d) As to alien insurers,
this section shall...
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27-7-5.3
Section 27-7-5.3 Licenses - Limited license for self-service storage facility. (a) As
used in this section, the following terms shall have the following meanings: (1) LIMITED
LICENSEE. A person or entity authorized to sell certain coverages for personal property maintained
in self-service storage facilities pursuant to this section. (2) OCCUPANT. A person,
his or her sublessee, successor, or assign entitled to the use of the storage space at a self-service
storage facility under a rental agreement, to the exclusion of others. (3) OWNER. The owner,
operator, lessor, or sublessor of a self-service storage facility, his or her agent, or any
other person authorized by him or her to manage the self-service storage facility or to receive
rent from an occupant under a rental agreement. (4) PERSONAL PROPERTY. Any movable property
not affixed to land including, but not limited to, goods, wares, merchandise, motor vehicles,
watercraft, and household items and furnishings. (5) RENTAL AGREEMENT....
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41-10-626
Section 41-10-626 Bonds of the authority. (a) General. The authority is authorized from
time to time to sell and issue its bonds in limited amounts and for the purpose of promoting
economic development and industrial recruitment as specified by the Legislature from time
to time by separate act, provided that refunding bonds may be issued by the authority pursuant
to Section 41-10-627 without first obtaining separate authorization from the Legislature.
(b) Sources of payment. Bonds issued by the authority shall be solely and exclusively an obligation
of the authority and shall not create an obligation or debt of the state. Such bonds shall
not be general obligations of the authority but shall be payable solely from one or more of
the following sources: (1) Appropriated funds. (2) The income or proceeds realized by the
authority under any mortgage or security granted to the authority. (3) Amounts derived from
any letter of credit, insurance policy, or other form of credit enhancement...
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